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
| Apr 3, 2012
Luxury hotel 'groundscraper' planned in abandoned quarry
Would you spend $300 a night to sleep underground? You might, once you see the designs for China's latest hotel project.
| Mar 16, 2012
Temporary fix to CityCenter's Harmon would cost $2 million, contractor says
By contrast, CityCenter half-owner and developer MGM Resorts International determined last year that the Harmon would collapse in a strong quake and can't be fixed in an economical way. It favors implosion at a cost of $30 million.
| Jan 15, 2012
Smith Consulting Architects designs Flower Hill Promenade expansion in Del Mar, Calif.
The $22 million expansion includes a 75,000-square-foot, two-story retail/office building and a 397-car parking structure, along with parking and circulation improvements and new landscaping throughout.
| Dec 27, 2011
Ground broken for adaptive reuse project
Located on the Garden State Parkway, the master-planned project initially includes the conversion of a 114-year-old, 365,000-square-foot, six-story warehouse building into 361 loft-style apartments, and the creation of a three-level parking facility.
| Dec 19, 2011
Chicago’s Aqua Tower wins international design award
Aqua was named both regional and international winner of the International Property Award as Best Residential High-Rise Development.
| Dec 12, 2011
Mojo Stumer takes top honors at AIA Long Island Design Awards
Firm's TriBeCa Loft wins "Archi" for interior design.
| Dec 5, 2011
Summit Design+Build begins renovation of Chicago’s Esquire Theatre
The 33,000 square foot building will undergo an extensive structural remodel and core & shell build-out changing the building’s use from a movie theater to a high-end retail center.
| Nov 28, 2011
Leo A Daly and McCarthy Building complete Casino Del Sol expansion in Tucson, Ariz.
Firms partner with Pascua Yaqui Tribe to bring new $130 million Hotel, Spa & Convention Center to the Tucson, Ariz., community.
| Nov 15, 2011
Suffolk Construction breaks ground on the Victor housing development in Boston
Project team to manage construction of $92 million, 377,000 square-foot residential tower.
| Nov 3, 2011
Hardin Construction tops out Orlando Embassy Suites
The project began in April 2011 and is expected to open in fall 2012.
