AECOM Tapped to Build $1B Mixed-Use Asset in LA
- Jan 24, 2018
Related Cos. just took a big step toward the realization of The Grand, a mixed-use project in downtown Los Angeles. The real estate firm recently tapped fully integrated global engineering company AECOM to serve as construction manager for the $1 billion transit-oriented development.
AECOM will have its hands full. Designed by celebrated architect Frank Gehry, The Grand will be a live-work destination in downtown’s burgeoning cultural and civic hub. The commercial portion of The Grand will feature 290,000 square feet of retail offerings, a movie theater complex and a 314-key Equinox Hotel standing 20 stories tall. Residential offerings will comprise another segment of the project, enhancing the housing market with 436 market-rate and affordable units in a 39-story building.
It’s a massive undertaking, but AECOM is equal to the task. “AECOM is an undisputed leader in construction and has the know-how to bring Frank Gehry’s incredible design to life,” Rick Vogel, senior vice president of Related Cos., said in a prepared statement. “They have a deep understanding of Los Angeles and an experienced local team which makes them an ideal fit for this compelling project.”
MIXING IT UP IN DOWNTOWN LOS ANGELES
Downtown Los Angeles is experiencing a rebirth, and projects like The Grand are popping up in high-profile spots around hotel towers, office skyscrapers and entertainment venues, and even in non-core areas of the submarket. “The city has experienced an explosion of large, ground-up mixed-use developments,” according to a fall 2017 report by global advisory services firm EY. “The mixed-use trend continues and is flowing out from South Park into other districts.”
The growing list of mixed-use projects across downtown includes the joint venture Angels Landing Partners’ $1.2 billion redevelopment of the Angels Landing site, which will feature two towers, one of which will be among the tallest buildings in the western U.S. SunCal has proposed 6AM, a $2 billion development that will offer live/work residences as well as creative office space, retail offerings and a hotel. Additionally, Oceanwide Holdings is shelling out $1 billion to create Oceanwide Plaza, where residences, hotel rooms and an open-air galleria will be punctuated by 700 feet of ribbon-shaped LED signage.
AECOM is due to kick-off construction of The Grand in fall 2018.