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\n The Wilshire Courtyard property\n <\/p>\n
After discarding plans to\u00a0build office towers at Wilshire Court, Onni Group submitted an application to the city of Los Angeles to instead fill the space with two 67-story residential towers.\u00a0<\/p>\n
Onni seeks\u00a0to build twin 67-story residential towers at 5700 Wilshire Blvd., Urbanize LA reported<\/a>.<\/p>\n Office\u00a0vacancy in Los Angeles was just over 25% in the first quarter, with negative absorption of about 400K SF citywide, according to CBRE<\/a>, dampening enthusiasm for new office construction.<\/p>\n Under the new plan, the pair of high-rises would create 2,586 studio and one-to-three-bedroom units, including 197 very low-income units. Those units would qualify the project for a density bonus that allows Onni to build taller and denser than would otherwise be allowed.\u00a0<\/p>\n The new towers would also hold approximately 56K SF of retail space.<\/p>\n Onni’s plans would require the demolition of about 557K SF of commercial space, with the retention of about\u00a0445K SF. Tenants at the Wilshire Courtyard include Sony Animation, which has been there for\u00a0about two years<\/a>.\u00a0<\/p>\n