Related Companies has broken ground on a mixed-use development project in downtown Los Angeles.
The company secured a $630-million construction loan for the development dubbed The Grand. Located on Grand Avenue across from The Broad museum and Walt Disney Concert Hall, the project, with a price tag of about $1 billion, is being developed by Related Companies and its partner CORE USA, a joint venture of China Harbour Engineering Company and CCCG Overseas Real Estate (CORE).
The Grand is a visionary public-private partnership, guided by the Los Angeles Grand Avenue Authority, a joint powers authority compromised of the County of Los Angeles, the City of Los Angeles, and the former Community Redevelopment Agency of the City of Los Angeles.
The Grand will include a dynamic mix of retail, hotel, dining, entertainment and residential opportunities anchored by a central public plaza. The 215,000 square feet of retail space will include destination restaurants and vibrant shopping spread among a series of landscaped open terraces along with a movie theater complex and a 20-story, 309-room Equinox Hotel.
The residential component will contain more than 436 residences in a 39-story tower and 20 percent of residential units will be affordable. The Grand is expected to completed in late 2021 and will create 10,000 new jobs.