Related Cos. JV Breaks Ground on $1B LA Project
- Feb 13, 2019
Construction on The Grand, a $1 billion mixed-use project developed by Related Cos. and CORE USA, and designed by famed architect Frank Gehry, has begun with an official groundbreaking in downtown Los Angeles, highlighting the public-private partnership of the massive development.
When completed in 2021, The Grand will include more than 176,000 square feet of retail space to be anchored by chef-driven restaurants and shops; a movie theater complex; a 20-story, 309-key Equinox Hotel with 12,000 square feet of event space and 27,000 square feet of restaurants, lounges and outdoor amenities; and a large public plaza with a series of landscaped open terraces. The residential component will have 400 luxury apartments in a 39-story tower with 20 percent of the project’s residences set aside as affordable units.
The project will exceed energy efficiency requirements and feature a rainwater collection system that will reuse rain water for irrigation and water efficient fixtures. Other sustainable highlights will be EV charging stations, on-demand electric vehicle car sharing and more than 150 bicycle parking spaces.
Longtime Public-Private Partnership
In the planning stages for more than a decade, The Grand is part of the overall Grand Avenue Redevelopment, a public-private partnership guided by the Los Angeles Grand Avenue Authority, a joint powers authority comprising the City of Los Angeles, County of Los Angeles and the former Community Redevelopment Agency of the City of Los Angeles. It is estimated to bring 10,000 new jobs, much-needed affordable housing, $397 million in revenues to the city and $68 million in revenues to the county over the next 25 years.
Located at the epicenter of The Broad museum and Walt Disney Concert Hall, The Colburn School of Music and the Museum of Contemporary Art, The Grand is expected to attract thousands of visitors from around the country and the world, as well as local and state residents. Gehry’s vision was to create a centerpiece for Grand Avenue to promote community gatherings and cultural performances in an open space, as well as provide shopping, dining and residential experiences.
“This project required bold vision and we saw the opportunity to create something truly special for the city,” Kenneth Himmel, president & CEO of Related Urban, the mixed-use division of Related and managing partner of the project, said in a prepared statement. “Executing at the highest level with exceptional architecture, we will work with chef-driven creative culinary concepts and innovative retail partners to ensure The Grand will stand out as the dynamic destination for living, shopping, dining and entertainment we collectively envisioned.”
Related Cos., known for developing large-scale, mixed-use neighborhoods like Related Santa Clara in Northern California; the Time Warner Center and Hudson Yards in Manhattan; and CityPlace in West Palm Beach, Fla., has been active in redevelopment of the Grand Avenue area for many years. In 2012, Related completed the 12-acre Grand Park and in 2014, opened The Emerson, a 271-unit residential tower.
In January 2018, Related hired the global engineering company AECOM as the construction manager of The Grand project. Related officials noted AECOM had a deep understanding of the Los Angeles area and an experienced team along with the know-how to bring Gehry’s design to life.
“We are trying to make a place for people not only to live, but also to gather after concerts or performances, and my hope is that it will spawn other growth in the neighborhood,” Gehry said in a prepared statement.
Images courtesy of the Related Cos. and CORE USA