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 | Mar 3, 2017
Detroit's tallest tower to rise at site of former J.L Hudson's Department Store
SHoP Architects and Hamilton Anderson Associates will design the 52-story building.
Mixed-Use | Mar 1, 2017
New hotel and residential tower coming to San Francisco’s Transbay neighborhood
The ground-up development will feature 255 hotel rooms and 69 residential units.
Mixed-Use | Feb 27, 2017
Tallest tower in Miami to begin construction in January 2019
The tower will reach a height of 1,049 feet, the maximum height permitted by the FAA in Miami.
Mixed-Use | Feb 23, 2017
5-tower scheme revealed for Zhengzhou, China
The towers will vary in height and emerge from a shared retail podium.
Mixed-Use | Feb 22, 2017
Hunt Development Group selected to spearhead Cabrini-Green redevelopment
The Chicago Housing Authority selected the firm to develop mixed-income housing and retail space where the infamous housing project once stood.
Mixed-Use | Feb 21, 2017
Coconut Grove’s newest mixed-use development springs from a converted parking garage
Terra says the development will be the first newly built office building in central Coconut Grove in over 20 years.
High-rise Construction | Feb 17, 2017
Zaha Hadid Architects-designed building to have the world’s tallest atrium
A 190-meter atrium will rise the full height of the building between two twisting sections.
Mixed-Use | Feb 8, 2017
Santiago Calatrava’s first major UK project will be the heart of the Greenwich Peninsula transformation
Peninsula Place will cost £1 billion and act as a gateway to the new, master-planned district.
Mixed-Use | Feb 7, 2017
Traditional Arab architecture and the surrounding mountainous terrain inspire a luxury hotel in Mecca
The Foster + Partners-designed building will address the shortage of accommodation in Mecca.
High-rise Construction | Jan 26, 2017
Paris tower provides office space and three hotel complexes across its three superimposed volumes
Equipped with hanging gardens and a panoramic viewpoint for its top tier, Jardins de l’Arche Tower will rise in Paris’s La défense business district.
