Construction for one of Downtown Los Angeles’ most ambitious projects is set to start later this month, developer Related Companies announced earlier this week.
Site preparation for The Grand, a Frank Gehry-designed apartment and commercial complex in downtown Los Angeles between First and Second streets along Grand Avenue, will begin later this month, with an official groundbreaking later next year. German lender Deutsche Bank provided the final $630 million in financing needed for the $1 billion project.
“We are excited that this important milestone has been achieved,” CEO of Related Urban Ken Himmel said. “We look forward to celebrating with all of Los Angeles, as we commence construction on this dynamic, transformational project that promises to remake and enliven the Grand Avenue artistic and cultural center of Downtown.”
Once completed, The Grand is expected to generate $2.2 million annually in county tax revenue. The Grand will include 215,000 square feet of retail space, a 309-room Equinox Hotel, and 436 residences, 20 percent of which will be affordable housing units. The project is expected to be completed in 2021.
“I am pleased that The Grand has closed financing and we are moving to the next stage of this development,” Los Angeles County Supervisor Hilda L. Solis, who also serves as the chair of the Los Angeles Grand Avenue Authority, said. “This project will create permanent jobs and build much-needed affordable housing in my district.”
The Grand is being developed by Related Companies and its partner CORE USA, a joint venture of China Harbour Engineering Co. and CCCG Overseas Real Estate.