It looks like work is getting under way on the new apartment building adjacent to the lovely old Desmond's department store on the Miracle Mile (a tipster passes on this photo with fences up). Ohio-based developer Associated Estates Realty Group bought the deco building and its adjacent parking lots last May and intend to replace the parking with 175 luxury apartments on the site. The development will include new subterranean and surface parking lots, pool and spa, gym, and roofdeck. While the developer wouldn't tell the LA Business Journal (sub. req.) how much they expect the apartments to go for, a report last year said one-bedrooms would start at $2,600 a month and two-bedrooms at $3,300. According to that same report, the $70-million project will take about a year to build.
· Residential Developer Has Lot to Work With in L.A. [LABJ, sub. req.]
· Wilshire's Desmond's Dept. Store Development Back as Rentals [Curbed LA]