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
Multifamily Housing | Feb 22, 2018
Multifamily building with 25,000 sf of amenities rises on the shore of the Potomac River
The building is part of the National Gateway mixed-use development at Potomac yard.
High-rise Construction | Feb 14, 2018
BIG and Carlo Ratti Associati-designed Singapore skyscraper has open-air ‘oases’ at multiple levels
The new skyscraper will include “the office of the future.”
Mixed-Use | Jan 26, 2018
Eager Park opens as health and wellness centerpiece of future mixed-use master plan
The 6-acre park was designed to showcase East Baltimore’s commitment to wellness and sustainability.
Sports and Recreational Facilities | Jan 25, 2018
Virginia Beach: A surf town with a wave problem no more
A world-class surf park will highlight Virginia Beach’s new live-work-play development.
Mixed-Use | Jan 16, 2018
Mixed-use development under construction in Detroit’s central business district
The development is being built on the former site of the Statler Hotel.
Mixed-Use | Jan 5, 2018
USC Village is the largest development in the history of the University of Southern California
USC Village comprises six buildings and 1.25 million sf.
Mixed-Use | Jan 3, 2018
A Houston luxury apartment complex has its own co-working space
The new community is located in the economic and population center of Houston.
Mixed-Use | Jan 2, 2018
Food incubator will support entrepreneurs on Chicago’s West Side
Designed by Wight & Company, the 67,000-sf food incubator development in Chicago’s East Garfield Park neighborhood will also serve as the new headquarters for the nonprofit Accion Chicago.
Mixed-Use | Dec 12, 2017
A new live/work neighborhood is about to get under way in Omaha, Neb.
Walkability and recreation will be key features of West Farm.
Mixed-Use | Dec 12, 2017
Construction begins on Phase I of $240 million mixed-use development in Boston
Fenway Center will span 4.5 acres between Brookline, Beacon Street, David Ortiz Way, and the Massachusetts Turnpike.
