Site of 1027 Wilshire, currently a parking lot
Eons ago, when renderings for downtown skyscrapers were coming out of the assembly line every week, local firms Central City Development Group and Amidi Group proposed a 48-story, 402 unit tower for 1027 Wilshire in Central City East. The Chris Dikeakos-designed project never materialized, but an edited proposal for the site has resurfaced and will head to a public hearing on July 2nd. The proposed building is now a six-story, 356-unit (apartments) tower with some office space, and retail. The business model for the tower also has changed. Hamid Behdad, head of the CCD Group, says the project will be modeled after his 1010 Wilshire project, an apartment building that’s geared towards professionals and corporations (that tower is also located right across the street). “We’re hoping to get entitlements by the end of the year," he says of 1027 Wilshire.
If the project is approved, there's no immediate timeline for breaking ground. And Behdad talked about the uncertainty of the banking industry, which is still very reluctant to lend, particularly on ground-up condo construction projects. "By January 2011, will the construction banking industry be back to where they are lending?" said Behdad. "Your guess is as good as mine.”
And what was originally proposed. Chris Dikeakos is no longer doing the updated building, according to Behdad.
· 1027 Wilshire: Soak it all in [Curbed LA]