Once one of the most desirable neighborhoods in all of Los Angeles, Westlake/MacArthur Park had a spectacular fall from grace at the end of the last century. Throughout the '80s and '90s, the neighborhood became synonymous with crime, and over time, much of its historic architecture from the roaring '20s fell into disrepair.
Of course, to developers, a neighborhood on the decline often signals an investment opportunity, and Westlake/MacArthur Park is rumbling with signs of gentrification. With a huge park space, access to transit, lots of vintage architecture, and a crime rate on the decline, it’s no wonder that no less than 12 projects are underway in the neighborhood.
Another new project just announced confirms this continued effort to reinvest in the Westlake neighborhood. A Sherman Oaks real estate company just bought the Park Wilshire apartments, located just a block from MacArthur Park Lake, and has plans for an extensive renovation reports the Los Angeles Times.
MWest Holdings purchased the Park Wilshire apartment building this month, and plans to spend more than $1 million renovating the building’s 170 residential units. MWest President Karl Slovin says that lately the building, built in 1924, "hasn’t gotten the attention it deserves."
As part of the renovation project, MWest will also relight the neon Park Wilshire sign that sits atop the building. Renovations of individual units will commence "as tenants move out."
Slovin also summed up the inevitability of real estate companies gobbling up Westlake/McArthur Park properties. He told the Times he’s seen "the pressure coming from downtown, the pressure coming from Koreatown, and this middle area is now becoming ready for the investment of capital."
No word yet on how much these newly renovated apartments will be renting for once complete.