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First Grand Avenue Tower Could Break Ground in November

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Well, it's September and everyone is right back to business--first up today we head Downtown to the loooooong-delayed Grand Avenue megadevelopment. The project's first component--the Grand Park--opened in July (and the neighboring Broad Museum has been under construction for a while now), but all of the actual buildings (which include Frank Gehry condo towers) have repeatedly been put off and rejiggered. But now developer Related Cos. says it finally has financing in place to start work on the apartment tower just south and across a plaza from the Broad. The Downtown News reports that "there could be a groundbreaking as soon as November." Related actually has a deadline to start work on the building by October, but "the securing of financing will likely give Related a few months grace period to start work." The Arquitectonica-designed building will be 19 stories tall with 271 apartments; 54 of the units will be low-income (the building started life as two 35-story towers, incidentally). The project should be finished in late 2014.

Meanwhile, Related has a February deadline to start on the two Frank Gehry towers, hotel, and retail planned for the site across from Disney Hall, but it seems unlikely that'll ever happen. The DN says that "the firm will soon begin discussions with Grand Avenue project stakeholders about potential development alternatives for the site."
· Financing Secured for Grand Avenue Apartment Tower [DN]
· Arquitectonica Designing 19 Story Grand Avenue Apartment Tower [Curbed LA]