The parking lot behind Koreatown's Wilshire Galleria shopping mall has been shut down as its owner seeks building permits to convert the historic building into a hotel.

Harridge Development Group, which owns the Galleria and the surrounding half-block property, intends to add a sixth and seventh floor will be constructed atop the existing five-story structure, which will also incorporate a rooftop pool and amenity deck.  At completion, the proposed hotel will feature 160 guest rooms in addition to restaurant space.

The building, located at 3240 Wilshire Boulevard, was constructed in 1938 for the now-defunct I. Magnin & Co. department store chain.  Harridge purchased the building and the abutting parking lot for $49 million in 2016.

The developer is also seeking a financial incentive package from the City of Los Angeles to finance the hotel, similar to those provided to developments in the Downtown area.

In addition to a hotel, Harridge has also obtained sign-offs to construct 555 apartments on the adjacent parking lot.  That portion of the development - which is not yet seeking construction permits - would take the form of a seven-story mid-rise structure and a 35-story tower.

Koreatown-based architecture and planning firm Archeon Group is designing the project.

A timeline for the project has not been announced.