Koreatown's IB Plaza, a shopping center at 8th Street and Western Avenue, may not be long for this world.
Property owner Western Plaza Capital Holding, LLC has filed plans with the City of Los Angeles to redevelop the underlying property at 800 S. Western Avenue as a mixed-use complex. The replacement project would consist of 96 dwelling units, 148 hotel rooms and approximatley 58,000 square feet of ground-floor retail space.
The proposed development is contigent on several discretionary approvals by the City, including a general plan amendment. Further details are currently unclear.
Historic building permits hint that the shopping center began its life in the early 1930s as a automobile sales business.
The property is located within a short distance of similar projects planned by developers Jamison Services, Inc. and Rescore.
