The Frank Gehry-designed Grand Avenue Project, long-delayed for years, is now expected to break ground in 2018, reports the Downtown News. The Los Angeles City Council approved the project Wednesday, and developer Related Companies announced a new investor. Chinese firm CCCG Overseas Real Estate Pte. Ltd. (CORE) will infuse the project with $290 million.
The Grand Avenue Project will rise on a parking lot just east of the Walt Disney Concert Hall, bringing a four-star Equinox hotel, eateries and shops, and a tower of as many as 450 residential units, 20 percent of which will be affordable housing. The units will be a mix of “ultra luxury” condos and “five star service” apartments, according to CORE’s website.
How affordable will they be? A release from the Los Angeles County Board of Supervisors says 20 percent, “or 86 units, in the residential tower will be affordable rentals for those earning between $24,320 and $43,400 a year.”
The project was proposed before the 2008 recession but was delayed by the downturn. (Related had once planned to break ground back in 2007!) The development is now expected to be complete in 2022.