Hanjin Group, which owns the nation’s flag carrier Korean Air, said Sunday that it began reconstructing its Wilshire Grand Hotel in downtown Los Angeles with the world’s largest concrete pour during the weekend.

The 73-story premium hotel, scheduled to open in 2017 and costing $1 billion to build, will become a city landmark as the tallest building in the city and the eighth-tallest in the United States.

On Saturday, about 42,930 tons of concrete was dumped into the building’s foundation in one continuous pour over a 30-hour period ― the largest-ever single concrete pouring, which the group plans to seek a Guinness listing for.

Pouring this much concrete at once was not just for promotional reasons.

According to the group, the large-scale concrete pouring will also strengthen the building’s structural integrity and help the planned skyscraper better withstand seismic and wind forces.

Hanjin predicted that the building project will be generating 11,000 jobs and $80 million in tax revenue during the construction period alone, with another 1,700 jobs and $16 million in tax revenue every year after the completion in 2017.

In response to the Korean conglomerate’s big investment, the Los Angeles city government has also promised exemption of transient occupancy tax ― about 14 percent of hotel charges ― for 25 years after the reopening.

The group estimated a combined tax savings worth up to $79 million during the period.

“Since Korean Air started its flights to Los Angeles some 40 years ago, the city has become a gateway for Koreans entering the United States,” said the Hanjin chairman during the concrete pouring. “We will continue to maintain a close relationship.”

Other VIPs in attendance at the event included Los Angeles Mayor Eric Garcetti and Chris Martin, lead architect of the building project and chairman of L.A.-based firm AC Martin.

According to Hanjin, the future Wilshire Grand Hotel will be filled with some 900 rooms, retail space and offices, with the hotel lobby being located on the 70th floor for an ultimate customer experience.

Group officials hoped the landmark project will help both Hanjin Group and its flagship unit Korean Air further expand their presence in the crucial U.S. market.

“The investment decision reflects our conviction about the economic recovery in the U.S.,” said an official. “We hope the project will become one of the successful global investment cases by Korean businesses.”

By Lee Ji-yoon (jylee@heraldcorp.com)