Lankershim Citibank Closing, But Commonwealth Demolition Still Long Off

The Citibank on the ground floor of the Commonwealth Building at 5077 Lankershim Boulevard is closing in December, leaving the high-rise that's slated to be replaced with a 5-story mixed-use development empty.

Due to the impending construction, the branch is shuttering on Dec. 14, while most employees will be given a chance to transfer to other locations, said Catherine Pulley Director of public affairs and external communications for Citibank.

The bank is the last remaining tenant in the 1960s-era Commonwealth Building, which failed to win historic monument status from the Cultural Heritage Commission.

But property owner Chandler Pratt & Partners doesn't plan on moving forward with its new development for at least another year or two after Citibank leaves, said Executive Vice President Todd Pratt.

Pratt said the 136-unit apartment complex with 14,000 square feet of retail on the ground floor remains in a "holding pattern" for now, but would not elaborate on why.

The project was initially delayed when Patch reported on the story in 2011.

He added that there are no financial issues holding the development back and that the city of Los Angeles has approved the project.

Chandler Pratt & Partners owns commercial properties throughout the Southland like the Columbia Pictures office building in Burbank and residential complexes like Toluca Gardens.

Patch will keep you updated on this story.

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