Onni Pivots From Office To Residential On Miracle Mile Project
After discarding plans to build office towers at Wilshire Court, Onni Group submitted an application to the city of Los Angeles to instead fill the space with two 67-story residential towers.
Onni seeks to build twin 67-story residential towers at 5700 Wilshire Blvd., Urbanize LA reported.
Office vacancy in Los Angeles was just over 25% in the first quarter, with negative absorption of about 400K SF citywide, according to CBRE, dampening enthusiasm for new office construction.
Under the new plan, the pair of high-rises would create 2,586 studio and one-to-three-bedroom units, including 197 very low-income units. Those units would qualify the project for a density bonus that allows Onni to build taller and denser than would otherwise be allowed.
The new towers would also hold approximately 56K SF of retail space.
Onni's plans would require the demolition of about 557K SF of commercial space, with the retention of about 445K SF. Tenants at the Wilshire Courtyard include Sony Animation, which has been there for about two years.
Onni extended a $384M loan on the property to July 2026, GlobeSt. reported. The extension was announced shortly after Sony's lease at the property in 2023.
The Wilshire Courtyard is roughly half a mile from the new Wilshire/Fairfax stop on the D Line subway.
