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
Cultural Facilities | Sep 24, 2015
Bakpak Architects' 'pottery courtyard' concept in Poland incorporates local heritage
The multifunctional building proposed for Rzeszow, Poland, looks like it was handcrafted on a potter’s wheel.
Mixed-Use | Aug 26, 2015
Innovation districts + tech clusters: How the ‘open innovation’ era is revitalizing urban cores
In the race for highly coveted tech companies and startups, cities, institutions, and developers are teaming to form innovation hot pockets.
High-rise Construction | Aug 7, 2015
Tribute tower to cricket world champs will be Sri Lanka’s tallest
The 1996 Iconic Tower will be a tribute to the country’s cricket team, which won the World Cup in 1996.
High-rise Construction | Aug 4, 2015
Construction of Vietnam’s tallest building commences in Ho Chi Minh City
A 1,509-foot skyscraper broke ground on the banks of the Saigon River in Ho Chi Minh City, Vietnam.
High-rise Construction | Jul 29, 2015
Jerusalem to get a high-rise pyramid by Daniel Libeskind
Are pyramids making a comeback? The city of Paris recently approved a triangle-shaped building that stirred controversy from residents. Now, the city of Jerusalem gave Libeskind's pyramid tower the go-ahead.
Mixed-Use | Jul 22, 2015
Despite China's 'ghost cities,' the country continues construction boom
Cities continue to spring up in the heart of China. Designed to accommodate millions, many are still nearly empty.
High-rise Construction | Jul 13, 2015
Herzog & de Meuron’s triangle tower stirs controversy in Paris
The 590-foot glass pyramid building will include a 120-room hotel, 754,000 sf of office space, and cultural facilities.
High-rise Construction | Jul 7, 2015
Bjarke Ingels designs Frankfurt skyscraper with a surprise in the middle
Several levels in the center of the 185-meter tower are shifted outward to allow for terraces with city views.
Cultural Facilities | Jun 10, 2015
Artists turn oil tankers into architecture
Four Dutch artists propose transforming tankers into monuments with mixed-use space.
Wood | Jun 2, 2015
Michael Green Architecture designs world's tallest wood building for Paris competition
“Just as Gustave Eiffel shattered our conception of what was possible a century and a half ago, this project can push the envelope of wood innovation with France in the forefront," said architect Michael Green of the project.