The latest savior for the long-awaited Grand Avenue Project is upon us.
Yesterday, the Downtown News reported that developer Related Companies has entered into a partnership with Chinese investor CORE, who will infuse $290-million into the proposed mixed-use complex, which would replace a parking structure directly across the street from the Walt Disney Concert Hall.
According to an amended agreement between Related and the Grand Avenue Authortiy, a joint powers authority representing the County and City of Los Angeles, the most recent interation of the development calls for a pair of high-rise buildings.
The larger tower, abutting 1st and Olive Streets, would include up to 450 condominiums and apartments, of which 20% would be set aside as affordable housing.
The smaller 16-story building, located along 2nd Street, would feature a 300-room Equinox Hotel.
Plans also call for more than 200,000 square feet of commercial space, 1,500 parking spaces and a large public plaza fronting Grand Avenue.
The price tag for the original phase one of the Frank Gehry-designed development has swelled in recent years from approximately $650 million in 2014 to the current estimate of $950 million.
Construction is expected to begin in 2018 and finish by 2022.
While the centerpiece of the project has been frequently waylaid by poor market conditions, other segments of the public-private partnership have moved forward, such as the Emerson apartment tower and the $140-million Broad Museum.
Exact for the final phase of the development, slated for another government-owned property at between Olive and HIlls Streets, have not been revealed.