Miracle Mile may soon get a new high-rise.
Developer Walter Marks plans to build a 42-story, $400 million luxury apartment tower at 5411 Wilshire Blvd. Marks’ family owns the building, which is currently a Staples store.
The new tower will have 371 apartments, including 56 low-income units. It will be an amenity-heavy project with an outdoor deck, dog exercise area, two pools, gym, bowling alley, gaming room, golf stimulator and a yoga studio.
It is being designed in the Art Deco style.
“Miracle Mile is the heart of the Art Deco district in Los Angeles,” project architect Richard Keating said. “There’s a lot of concern about new buildings interrupting that heritage.”
Keating said he was “utilizing some of the language” of Art Deco and surrounding buildings for the new tower.
Keating has worked on other prominent buildings in L.A. including the Gas Company Tower and Beverly West.
The site is near the future La Brea Avenue subway station, scheduled to open in 2023. The tower is also scheduled to open in 2023.
It isn’t the only new housing development planned for the area. Veteran developer Jerry Snyder has started construction on the nearby Wilshire Curson. When completed, the building will have 285 apartments.
It’s also a busy time for office buildings in Miracle Mile. During the first quarter, office vacancy rates were 16.9%, down from 19% the previous quarter, according to data from Jones Lang Lasalle Inc. And Onni Group has a deal in the works to buy the 1 million square foot Wilshire Courtyard from Tishman Speyer for $630 million.
The Academy Museum of Motion Pictures will soon open in Miracle Mile and LACMA is planning a $600 million redesign.
Commercial real estate reporter Hannah Madans can be reached at email@example.com. Follow her on Twitter @HannahMadans
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