Related Cos., CORE USA Break Ground on $1B Mixed-Use Project in Los Angeles
LOS ANGELES — Related Cos. and partner CORE USA have broken ground on The Grand, a $1 billion mixed-use development in downtown Los Angeles.
Located across the street from the Walt Disney Concert Hall on Grand Avenue, world-renowned architect Frank Gehry designed the project. Upon completion, the property will include more than 176,000 square feet of retail space, an Equinox Hotel and more than 400 residences. The retail portion will include chef-driven restaurants and a collection of shops, as well as a movie theater complex. Approximately 20 percent of the residences will be affordable-rate units.
The Grand and the Grand Avenue Redevelopment are the result of a collaborative public-private partnership, guided by the Los Angeles Grand Avenue Authority, a joint organization of the County of Los Angeles, the City of Los Angeles, and the former Community Redevelopment Agency of the City of Los Angeles.
It is estimated that The Grand will generate 10,000 new jobs and $397 million in revenues to the City of Los Angeles and $68 million in revenues to the County of Los Angeles over the next 25 years, according to the developers.
The development will connect multiple areas of downtown and is organized around several key urban design principles. The project will line the surrounding sidewalks with restaurants and other active uses to create a pedestrian-friendly experience.
“With The Grand, we’re not just building buildings, we’re building places,” says Gehry. “We are trying to make a place for people not only to live, but also to gather after concerts or performances, and my hope is that it will spawn other growth in the neighborhood.
“The project is meant to complement and enhance the Walt Disney Concert Hall, the Colburn, The Broad and the other buildings that make up the rich and exciting cultural district that is emerging on Grand Avenue.”
The Grand is scheduled for completion in 2021.
— David Cohen