
A major developer announced a $1 billion high-rise office and hotel complex in Los Angeles, the first new downtown construction project since the real estate spiral largely scuttled dreams of a resurgent city center.
Thomas Property Group’s plans call for a 60-story, glass-walled building with a slanted profile resembling a ship’s sail that would be built on property owned by development partner Korean Air Co. The design includes a 40-story hotel and condo tower and an 18,000-square-foot public park that would replace the 50-year-old Wilshire Grand hotel.
Company Chairman and Chief Executive James …






