1 minute read
ON THE RISE miracle mile
by Berkadia
There’s over a billion dollars worth of capital pouring in to major commercial developments within a few blocks of The Preston
$750 MILLION LACMA EXPANSION
LAcMA’s expansion project, designed by Peter Zumthor, is currently underway and will open in 2024. the 350,000 sq. ft. additional space will house LAcMA’s permanent art collection. Slated for completion in 2024, the two-story edifice will bridge over Wilshire Boulevard, containing 350,000 square feet of space within.
$388 MILLION ACADEMY MUSEUM OF MOTION PICTURES
completed in 2021, the Academy Museum of Motion Pictures is the world’s premier movie museum. Located two blocks away from the Preston, the 300,000 sq. ft. museum is expected to attract more than 850,000 visitors annually.
Proposed Wilshire Courtyard Redevelopment
Onni Group is pursuing a redevelopment project that would more than double the existing office space at the Wilshire courtyard complex located two blocks from the Preston. Plans call for the construction of two high rise office towers totaling 2.34 million sq. ft. of office space. Upon completion, the new office complex would put Miracle Mile on the map as having the tallest building in LA west of Downtown.
La Brea Tar Pits Revamp
the Natural History Museums of LA county announced that it would be undertaking a major new Master Plan and renovation process for the La Brea tar Pits, including the existing museum, excavation sites, and other parts of the 13-acre site where the institution is located. the winning concept, called “La Brea Loops and Lenses,” would include a one-kilometer walking path connecting the Page Museum, the excavation pits, and the iconic lake pit and mastodons.
Metro Purple Line Extension
construction is well underway on the $9.5 billion Metro Purple Line extension that will ultimately connect Westwood to Downtown along Wilshire Boulevard in under 25 minutes. in addition to delivering a brand-new metro station within a few blocks of the Preston, the expansion project is also serving as a catalyst for accelerated growth in Miracle Mile, spurring increased private sector investment, economic growth, and rental demand.
