About History Of The Wilshire Corridor

About History of The Wilshire Corridor

The Wilshire Corridor is nestled in what is known as “the Millionaire Mile” or “the golden triangle” (Beverly Hills, Bel Air and Holmby Hills). It positioned between Century City and Beverly Hills, Westwood, Bel Air and Holmby Hills.

Flanking Wilshire Boulevard in Westwood right by U.C.L.A is a glamorous mix of multifamily residences ranging from basic to ultra-luxurious. Elegant high-rise condominiums, provide incredible views from the Pacific to downtown. Furthermore,they share the stretch with a variety of apartments, a few hotels and a handful of churches and synagogues. Additionally, they are in close proximity to so much shopping .Whether it is Beverly Hills, Century City, Westwood Village, or Westwood Boulevard there are so many outstanding restaurants, theaters, museums, parks, and great schools. Most buildings have 24 hour security and doormen and there are many new projects in development. Many have gyms, conference rooms, pools and concierge.

The Wilshire Corridor Real Estate History

In the beginning, the wide boulevard, part of the 4,400 acres granted to Spanish soldier Don Maximo Alanis in the 1820s, was named for developer Henry Gaylord Wilshire, who arrived in 1884. By the 1920s, the Janss Investment Corp. began developing the area surrounding Wilshire Boulevard including Westwood Village, UCLA, Holmby Hills and the residential area to the south, then dubbed “Westwood Hills.”

Furthermore, Wilshire Boulevard was lined, for the most part, by apartment buildings until the late 1960s.Thus, when the concept of condominium homes developed, it spawned a host of building conversions. Once apartment conversion opportunities were exhausted, high-rises condos were built from scratch, some reaching up to 27 floors in height. The area became known as “the Wilshire Corridor” because the curving road and tall properties seem to carve a corridor through the Westwood LA area. More than 30 high-rise, multi-family buildings now line the stretch. Westwood and Century City condominimums for sale have many new retail and housing developments in the works.

Prices

Additionally, after the wave of apartment conversions in the late 1970s, demand fueled construction of high-rise condominium projects. Properties looming higher and higher along Wilshire Corridor created more traffic, noise and congestion for area residents. As a result, the Wilshire-Westwood Scenic Corridor Specific Plan was developed and took effect in February 1981. Covering multi-family properties on Wilshire Boulevard located between the Los Angeles Country Club at Comstock Avenue and Glendon Avenue to the west, the plan was implemented to help address such issues as development density, shadow impact and landscaping.

For first-time buyers and renters, the downside is the cost. Condominium association dues range from about $400 to $4,300 a month, which is in addition to taxes, mortgage and insurance. Older Buildings have units selling for around $500,000.00 with units ranging from there upward of 3 million. Some newer projects will start at 2,000,000.00

Also, rents start at about $1,000 for a 350-square-foot studio. Some units built before 1978 are subject to rent control under city of Los Angeles law.

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