Walter N. Marks III and a rendering of the project
Eat your heart out DTLA: the Miracle Mile is getting Los Angeles’ latest high-end high-rise.
A 42-story Art Deco-inspired residential tower is being planned for the heart of Miracle Mile district at 5411 Wilshire Boulevard, according the L.A. Times. The project has a $400 million price tag, and will be developed by the family of Wilshire Boulevard real estate developer Walter N. Marks.
As now envisioned, the development would have 371 apartments and a slew of high-end amenities, including a two-lane bowling alley, golf simulator, dog-grooming space, wine-tasting counter, and yoga studio. The top floor would have a private rooftop deck and lounge area. An automated car-parking system is also planned.
The Marks family wants to build the tower at the site of a Staples office supply store about a block from Metro’s under-construction Wilshire/La Brea Purple Line subway station. The subway station is set to open in 2023 and is a key driver of the project.
“There are going to be a lot more people,” Walter N. Marks III told the Times. “Industry follows people, my grandfather used to say.”
The project is eligible for the city’s Transit Oriented Communities program. It allows developers who build near transit hubs to increase the size of the construction if they set aside around 10 percent of units as affordable.
The family has owned the property for around 50 years. They also own the neighboring 1930s-era building, which they want to convert into a restaurant named after the Sontag drug store that once occupied the space.
Not far to the west along Wilshire, developer Jerry Snyder is redeveloping a long-held property. Snyder secured a $117 million construction loan to build out a high-end residential development next to his SAG-AFTRA Plaza, which he constructed in 1982. [LAT] — Dennis Lynch