Thanks to a cash infusion of $290 million from Chinese Communications Construction Group (CCCG), the Frank Gehry-designed Grand Avenue Project may finally have a start date in sight.
The project, which has been more than a decade in the making, will be built on a parking lot just east of the Walt Disney Concert Hall, Curbed Los Angeles reports. Included in the Grand Avenue Project will be a 305-room four-star Equinox hotel, 215,000 sf of retail space, and a 39-story residential tower with 429 units. Underneath the development will be six levels of parking with room for 1,500 cars.
The retail space will comprise restaurants, shopping, and a movie theater complex spread across a series of landscaped open terraces. The 429 residential units will consist of 128 condominiums and 301 apartments. 86 of these apartments will be deemed affordable for qualified low-income residents. According to Curbed LA, the Los Angeles County Board of Supervisors says people earning between $24,320 and $43,400 per year will qualify for the affordable units.
The Grand Avenue Project, after the $290 million from CCCG, has now raised $400 million of the estimated $1 billion price tag for the development. Considering real estate developers typically borrow 70% or more of the funds they need to start building, the $400 million already raised bodes well for the project, the Los Angeles Times reports.
The project, which is being developed by Related Companies, is set to finally begin construction in 2018. When completed, it is estimated the development will employ about 3,300 people.
Related Stories
Sports and Recreational Facilities | Sep 8, 2022
Chicago Bears unveil preliminary master plan for suburban stadium district
As the 2022 NFL season kicks off, the league’s original franchise is fortifying plans to leave its landmark lakefront stadium for a multi-billion-dollar mixed-use stadium district in northwest suburban Arlington Heights.
| Aug 31, 2022
A mixed-use development in Salt Lake City provides 126 micro units with mountain views
In Salt Lake City, a new 130,000-square-foot development called Mya and The Shop SLC, designed by EskewDumezRipple, combines housing with coworking space, retail, and amenities, as well as a landscaped exterior for both residents and the public.
| Aug 15, 2022
Boston high-rise will be largest Passive House office building in the world
Winthrop Center, a new 691-foot tall, mixed-use tower in Boston was recently honored with the Passive House Trailblazer award.
Mixed-Use | Jul 21, 2022
Former Los Angeles Macy’s store converted to mixed-use commercial space
Work to convert the former Westside Pavilion Macy's department store in West Los Angeles to a mixed-use commercial campus recently completed.
Mixed-Use | Jul 18, 2022
Mixed-use development outside Prague uses a material made from leftover bricks
Outside Prague, the Sugar Factory, a mixed-used residential development with public space, marks the largest project to use the sustainable material Rebetong.
Mixed-Use | May 19, 2022
Seattle-area project will turn mall into residential neighborhood
A recently unveiled plan will transform a 463,000 sf mall into a mixed-use destination site in the Seattle suburb of Bellevue, Wash.
Building Team | May 18, 2022
Bjarke Ingels-designed KING Toronto releases its final set of luxury penthouses
In April 2020, a penthouse at KING Toronto sold for $16 million, the highest condo sale in Toronto that year or the year after.
Building Team | May 6, 2022
Atlanta’s largest adaptive reuse project features cross laminated timber
Global real estate investment and management firm Jamestown recently started construction on more than 700,000 sf of new live, work, and shop space at Ponce City Market.
Mixed-Use | Apr 26, 2022
Downtown Phoenix to get hundreds of residential and student housing units
In fast-growing Phoenix, Arizona, a transit-oriented development called Central Station will sit adjacent to Arizona State University’s Downtown Phoenix campus.
Mixed-Use | Apr 22, 2022
San Francisco replaces a waterfront parking lot with a new neighborhood
A parking lot on San Francisco’s waterfront is transforming into Mission Rock—a new neighborhood featuring rental units, offices, parks, open spaces, retail, and parking.
