Bernards breaks ground on mixed-use project on Miracle Mile
Los Angeles -- Commercial builder Bernards said it has broken ground on a $105-million, mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in the mid-city section of Los Angeles.
Three years in pre-construction and scheduled for completion in April 2014, the project is being developed by BRE Properties, based in San Francisco.
This is one of the first projects to leverage the city’s new planning policy that allows for replacement of obsolete structures to encourage higher density in urban infill areas. The 3.38-acre site, which comprises an entire city block on Los Angeles Miracle Mile, was previous occupied by a one-story abandoned bank that was later converted to a Korean church.
The six-story, 800,000-sq.-ft. project includes 480 residential units atop 44,000 sq. ft. of retail space and two and one-half levels of subterranean parking with 997 spaces.