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
Mixed-Use | Feb 22, 2016
Goettsch Partners and Lead 8 win design competition for Shanghai mixed-use complex
The designers stressed walkability and green space to attract visitors.
Mixed-Use | Feb 18, 2016
New renderings unveiled for Miami Worldcenter master plan
The ‘High Street’ retail promenade and plaza is one of the largest private master-planned projects in the U.S. and is set to break ground in early March.
Green | Feb 18, 2016
Best laid plans: Masdar City’s dreams of being the first net-zero city may have disappeared
The $22 billion experiment, to this point, has produced less than stellar results.
Mixed-Use | Jan 25, 2016
SOM unveils renderings of dual-tower Manhattan West development
The five million-sf project includes two office towers, a residential tower, retail space, and a new public square.
Mixed-Use | Jan 8, 2016
Aedas’ Shanghai project named the world’s best mixed-use architecture
Mapletree Business City Shanghai and VivoCity Shanghai took home a crown at the International Property Awards
High-rise Construction | Jan 7, 2016
Zaha Hadid designs a tower of 'stacked vases' in Melbourne
The structure is supported by sets of curved columns that taper to four different base heights.
Mixed-Use | Dec 23, 2015
'Tree-covered mountains' planned for urban Shanghai
Heatherwick Studio unveiled a 300,000-sm mixed-use project in the Chinese city’s main arts district.
Mixed-Use | Nov 16, 2015
Italian architect designs vertical forest with prefab units by BuroHappold
Cantilevered planters will host cedar trees and other plants hundreds of feet above ground.
Multifamily Housing | Oct 7, 2015
BIG designs lush, terraced mixed-use building in Sweden
Cascading glass and wooden cubes create a form similar to Northern Ireland’s Giant’s Causeway rock formation.
Multifamily Housing | Oct 1, 2015
Wiel Arets unveils twin, 558-foot mixed-use towers in Bahrain’s capital
The development, Bahrain Bay Tower, will consist of two residential towers connected “by a plinth of retail, office, parking, and public park space.”
