Miracle Mile is undergoing a transformation. The longtime office hub — bordered by 3rd Street, Highland Avenue, San Vicente Boulevard and Fairfax Avenue — will soon be home to a slew of new mixed-use developments. These properties include luxury rental units and ground-level retail. The museums that line Wilshire Boulevard, the heart of the Miracle Mile, are also getting makeovers. And a new institution, the Academy Museum of Motion Pictures, is scheduled to open there by the end of the year.
The changes taking place in the Miracle Mile area largely fall into two categories: museums and multifamily housing.
The long-delayed Academy Museum of Motion Pictures finally has an opening date — Dec. 14. Once completed, the Academy of Motion Picture Arts and Sciences’ museum will house permanent and temporary exhibits featuring costumes, props and other Hollywood memorabilia, along with an eye-catching, dome-shaped theater designed by famed architect Renzo Piano.
Nearby, the Los Angeles County Museum of Art is undergoing a $650 million remodel, including a large gallery that will stretch across Wilshire Boulevard. Next door, the La Brea Tar Pits and Page Museum, which is part of the Natural History Museum of Los Angeles County, will undergo its first major update since 1977.
Also nearby, veteran developer Jerry Snyder’s Residences at Wilshire Curson, with 285 apartments, is under construction.
And developer Walter Marks is in the entitlement phase for a $400 million, 42-story tower at 5411 Wilshire Blvd.
Also planned for the area is a 209-unit project with a paseo running between legendary watering hole Tom Bergin’s and a building with 121 condos, 125 hotel rooms and retail space.
“A real boost of adrenaline was when the Grove came to the area,” said CBRE Group Inc. Executive Vice President Laurie Lustig-Bower. “What we’re seeing now is that a lot of areas within L.A. have gotten more attention than they were getting before. We’ve seen a migration to other parts of L.A. that had been considered an average area and now has become a desirable area.”
One catalyst, experts say, is the Metro extension. Once completed, it will take passengers from downtown to the Westside, with a stop in Miracle Mile. “It’s a big factor,” Lustig-Bower said. “We’ve seen a lot of development … where there is a Metro stop.”
Miracle Mile is also benefiting from overflow in nearby areas and higher rents in nearby markets, making it a good alternative.
“Miracle Mile is the recipient of this office contraction pressure from Hollywood and Beverly Hills,” said Lalo Diaz with Jones Lang LaSalle Inc. “A lot of institutional owners are looking at Miracle Mile as the new center of Los Angeles.”
Diaz added that there is roughly $2 billion being invested in Miracle Mile by owners aside from the Metro expansion.
1. Academy Museum of Motion Pictures
Location: 6067 Wilshire Blvd.
Description: The museum, which will feature Hollywood memorabilia and educational facilities, will include a dome-shaped theater.
Architect: Renzo Piano, Gensler
Estimated Completion: Dec. 14
Estimated Cost: $388 million
2. LACMA Renovations
Location: 5905 Wilshire Blvd.
Description: Renovations include a large gallery that will stretch across Wilshire Boulevard.
Architect: Peter Zumthor
Estimated Completion: 2023
Estimated Cost: $650 million
3. La Brea Tar
Pits Remodel
Location: 5801 Wilshire Blvd.
Description: The La Brea Tar Pits and Page Museum is undergoing its first major update since 1977. It includes a bridge across the lake pit, site walls, a new garden and an expansion of the Page Museum.
Architect: Weiss/Manfredi
4. Residences at Wilshire Curson
Location: Corner of Wilshire Boulevard and Curson Avenue
Description: The 20-story apartment building will have 285 apartments, a rooftop pool, fitness center and lounge areas.
Developer: J.H. Snyder Co.
Architect: MVE and Partners Inc.
Estimated Completion: Early 2021
5. 5411 Wilshire Blvd.
Location: 5411 Wilshire Blvd.
Description: The 42-story tower will have 371 apartments including 56 low-income units, an outdoor deck, two pools and a bowling alley.
Developer: Walter Marks
Architect: Richard Keating
Estimated Completion: 2024
Estimated Cost: $400 million
6. 639 La Brea
Location: 639 La Brea
Description: The proposed seven-story building will have 121 condos, 125 hotel rooms and 14,000 square feet of retail space.
Developer: CGI Strategies
Architect: Killefer Flammang Architects
