This medical plaza, dubbed Wilshire Catalina Gateway LLC, may be the next construction project undertaken on Wilshire Boulevard. Tomorrow, the city council will vote whether to authorize a $7 million loan to developers Kevin Pickett and Cora King to develop 3324-3330 Wilshire Boulevard. Currently, the buildings sit empty, and the proposed project would consist of approximately 15,901 square feet of retail and approximately 35,916 for medical office space. Mostly, you may recognize one of these buildings for its fabulous old Sherman Clay Pianos sign. According to a press representative for City Councilman Herb Wesson's office, the money is granted via a federal loan from the Department of Housing and Urban Development (the HUD program is specifically for projects that promote economic development and job creation). Similarly, when the city approved a $30 million loan to the Cirque du Soleil last fall, that was a federal loan from HUD. According to city documents, construction is expected to begin within three months from entering into the city loan agreement, and the project is expected to be completed within 12 months from the start of construction.
· Panel OKs $30 million loan for Cirque de Soleil [LA Times]