$1 Billion Wilshire Grand Project Moving Forward in L.A.

The Wilshire Grand redevelopment project in downtown Los Angeles is one step closer to fruition after Korean Air and Thomas Properties Group reached an agreement with Unite Here Local 11, the local arm of the hotel workers' union, according to Globest.com. The projected timeline would close the hotel in December 2011, with construction on the new hotel beginning in December 2012 after a one-year demolition process. The $10 million agreement between the hotel and trade unions will provide the current 480 Wilshire Grand workers with severance pay, health-care benefits and the ability to reclaim their previous jobs once the hotel reopens in 2015. The $1 billion project will replace the existing complex with a 560-room luxury hotel tower, a 65-story office tower and 275,000 square feet of public spaces including a spa, meeting space and retail shops across the 3.2-acre site. Representatives of the Wilshire Grand were unavailable for comment.