Related Cos.’ Grand Avenue Project Approved

[  Los Angeles, California USA  ]

The USD $950 million Grand Avenue development in Los Angeles’ central business district, has been approved by the Los Angeles City Council.   The project is situated across the street from Walt Disney Concert Hall.

The developer expects to open by 2022, with groundbreaking in 2018.

Architect Frank Gehry is designing the complex.

The Grand Avenue facility will include a residential tower with 380-450 units, a 300-room Equinox hotel, and major restaurant and retail programming.  Twenty percent of the residential will be set aside as affordable housing.

The Grand Avenue project has been in the works, in one form or another, since 2004 when the current developer was selected to develop various parcels on Bunker Hill owned by public entities.  At one time the hotel component of the project was to be operated as an SLS Hotel by SBE Entertainment.

China-based CORE (CCCG Overseas Real Estate Pte. Ltd.) is an investor.

Grand Avenue is a development of Related Urban, an affiliate of The Related Companies (New York).