"Creating this landmark iconic building here. I think it's a beacon to the rest of the city," said Ed Dong, KOAR Development. "Come to work, come to live, come to play at the heart of Koreatown,"
The 2.5-acre development is located at the Metro Purple Line's Wilshire/Western station. Residents can walk outside and hop on a subway or train that will take them anywhere they want to go in the city.
"A person today could live here, get on a train, go to downtown, go to North Hollywood, go to Pasadena or Long Beach. Or go to Metrolink to Orange County, like I did today," said Art Leahy, CEO, Metro.
Los Angeles Mayor Antonio Villaraigosa says this is a great example of smart growth. During these tough economic times, he wants people to know that L.A. is in the business of creating business.
"So it's good for housing, it's good for business, it will relieve traffic and it will push us closer to a more sustainable model of environmental conscious growth," said Villaraigosa.
Officials predict that the development will lead to 200 new rail trips per day and will cut down on about 1,000 car trips per day, which is good for the environment.
"It also reduces our carbon footprint. And I've said, we've got to make L.A. the cleanest, greenest big city in America," said Villaraigosa. "This is another example."
Along with helping the environment, Solair Wilshire has plenty of amenities for residents and its guests. It has a sky deck on the seventh floor, a spa and pool, a clubhouse and exercise room with views all the way to the Hollywood Hills.
The development also features 40,000 square feet of retail space with offices, restaurants and shops. The price tag of the project is $160 million.