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
High-rise Construction | Nov 1, 2016
Winthrop Square will give rise to Boston’s second tallest building
The building will become the tallest residential tower in the city.
Mixed-Use | Oct 31, 2016
New Frank Gehry project on Sunset Boulevard moves forward with a few compromises
Among the compromises, the 8150 Sunset Blvd. project will see its tallest residential tower reduced by 56 feet.
Mixed-Use | Sep 27, 2016
10 Design wins competition to design huge mixed-use development in China
China Resources Land, New Fenghong Real Estate Development, and China Resources Trust have designated 50 billion yuan for the construction of the development.
High-rise Construction | Sep 12, 2016
Bangkok’s tallest tower is also one of its most unique
At 1,030 feet tall, MahaNakhon Tower’s height is only outdone by its arresting design.
Mixed-Use | Sep 9, 2016
Rolled book scroll-inspired mixed-use project from Aedas planned for Chongqing, China
With a bookstore at the heart of the development, the project looks to exemplify an ancient Chinese proverb that says “knowledge brings wealth.”
Mixed-Use | Sep 8, 2016
Former sports stadium to become landscaped gardens, housing, and shops
According to the architects, Maison Edouard François, the project will act as a new green lung for the densely populated neighborhood.
Mixed-Use | Aug 16, 2016
Goettsch Partners completes mixed-use tower in R&F Yingkai Square
The 66-story building is now the 7th tallest completed building in Guangzhou.
High-rise Construction | Jul 26, 2016
Perkins+Will unveils plans for what will be Atlanta’s second-tallest tower
The 74-story 98 Fourteenth Street will be a mixed-use building with retail space and luxury residential units.
Mixed-Use | Jul 18, 2016
Studio Libeskind designs jagged mixed-use tower for Lithuania’s capital
The glass facade, and spaces for restaurants, a luxury hotel, and offices will lure visitors and tenants.
Retail Centers | May 10, 2016
5 factors guiding restaurant design
Restaurants are more than just places to eat. They are comprising town centers and playing into the future of brick-and-mortar retail.
