Hanjin Group changes skyline of LA

Creating a new peak to the skyline in Downtown Los Angeles, the Wilshire Grand Center is the completion of nearly three decades of work by Cho Yang-ho, chairman of Hanjin Group.

The 73-story edifice is the tallest in LA, California, West of the Mississippi River and outside of New York and Chicago. It changes the horizon of the City of Angels and symbolizes the conglomerate’s pride and confidence for a higher presence in the US.

“The opening of Wilshire Grand Center is the pinnacle of my personal dream and the completion of my promise with LA,” Cho said as he attended the grand opening ceremony of the building located in between Downtown Wilshire and Figueroa on Friday.

Cho acquired the Wilshire Grand, then standing 15 floors aboveground, in 1989 with a goal to revive the historical hotel as the landmark of LA. LA has been close to Cho’s heart in that he has studied in University of Southern California for his masters’ in business, according to the company.

“Everyone had told me I should not make any more investment into Wilshire Grand Hotel,” Cho had recalled of the earlier stage of the reconstruction project that would later face several tough hurdles including an economic slump.

Believing in the city and the neighborhood’s potential, Cho in 2009 revealed the “Wilshire Grand Project” to reconstruct the building into an ultra-modern complex of hotels and offices in September of 2009. For the following eight years, the project was revised to incorporate the changed business environment and eventually reached over $1 billion won in investment and created some 11,000 jobs, while generating about $80 million in tax revenue through the construction.

It was also the part of an urban development effort to revitalize the neighboring areas, and the group forecasts the opening of the building to create some 1,700 new jobs and a $16 million increase in tax revenue for the city each year.

“This will be a good example of attracting overseas investment as emphasized by US President Donald Trump,” Cho said, as he remarked the building will become the city’s new landmark.

Embodying the shape of Yosemite Valley, the building is built with a cutting edge and environment friendly construction method through the Leadership in Energy and Environmental Design. By applying the buckling restrained braces that act as shock absorbers, the center is built to withstand an earthquake measuring a magnitude of 8 on the Richter scale.

The building will house a premium hotel with some 900 rooms above the office spaces. The first seven floors will consist of commercial and convention areas.

The group remarked that the opening of the center is also hoped to contribute to LA’s bid for hosting the 2024 summer Olympics as residential capacity is one of the key factors in venue selection.

The opening of the building also coincides with Korean Air’s 45th anniversary of its first flight to America. It has since launched flights to 13 cities in the US and has earned the title of the largest Asian airliner in the country. Last week, Korean Air finalized an agreement with Delta Air Lines to set up a joint venture for Pacific routes.

The company said it will continue its role in people-to-people diplomacy particularly in light of the upcoming first summit talks between South Korean President Moon Jae-in and US President Donald Trump.

(khnews@heraldcorp.com)