Korean Air chairman frustrated with state of downtown development

At the annual Town Hall Los Angeles meeting held last month, the chairman of Korean Air and owner of the Wilshire Grand hotel spoke of the urgency of jumpstarting his ambitious $1b redevelopment of that prime Wilshire Blvd spot. Since the economy soured, construction lending has largely frozen citywide. Downtown properties have been particularly insolvent, struck by an aftermath of an overspeculative pre-bust boom. Perhaps in a last ditch attempt to attract supporters, investors, and lenders, chairman Yang-Ho Cho promised 8,000 construction jobs and 4,000 permanent jobs to result from the project. Plans call for 560 hotel rooms and a 65-story office tower. Whether downtown's hotel and office market is built out remains to be seen.

Source: Korean Air