A $1 billion office-and-hotel tower being developed by Korean Air Lines Co. in downtown Los Angeles will be the tallest building in the western U.S. upon its completion in four years, according to the projects architect.

The foundation of the 1,100-foot (335-meter) tower will be poured at the end of this year, with a grand opening planned for March 2017, said Chris Martin, chief executive officer of Los Angeles-based architecture firm AC Martin Partners. The building will rise higher than downtowns 1,018-foot U.S. Bank Tower, currently the tallest in the U.S. West. Final renderings of the new tower are being unveiled at a press conference Friday.

“Downtown, along with a lot of the other commercial office centers, has relatively high vacancy rates as a result of the job losses stemming from the financial-market crisis,” Robert Kleinhenz, chief economist at the Los Angeles County Economic Development Corp., said in a telephone interview. “But by the time this building opens it will probably be able to benefit from a recovery.” 

Downtown Los Angeles, which has undergone a decade-long revitalization, has been helped by such developments as the Frank Gehry-designed Walt Disney Concert Hall on Grand Avenue, which has lured locals and tourists into the area since its 2003 opening. The Staples Center sports arena, L.A. Live entertainment complex and new restaurants and bars also have drawn people to the area. 

(Bloomberg)