Since Related Cos. first got the contract in 2004 to build the massive Grand Avenue project, there’s been a housing boom and bust, a financial crisis and a new explosion of residential construction downtown.
Yet throughout that period, the $1-billion complex designed by world-renowned architect Frank Gehry has failed to materialize at its coveted site across from the Walt Disney Concert Hall.
On Monday, the New York developer took a giant step to finally kick off the project considered by many to be the last large piece of the redevelopment puzzle that is Bunker Hill.
Related said it has $630 million in construction financing from German lender Deutsche Bank in hand, and work on the project will begin this month.
I really hope this project can break ground by the end of this year. The parking garage is such an eyesore. While I like the current design, the previous designs were phenomenal. LA seriously needs to revise its zoning regulations so not every beautiful project gets value-engineered just to break even.
Any highrise development was needed there, ASAP. I've seen the tourists come for the Broad and the Concert Hall, and it must've been strange for them to see that stupid garage across the street.
The fact this will engage the street with retail (in a part of downtown with very little) is a big win for the city.
Doesn't the lot behind this development also have some huge planned?
This is really great. There are many beautiful buildings in this area but not enough street level retail for pedestrians. Hopefully a sign of more things to come for LA.
I've always thought it was crazy that a city with perfect weather for walking around doesn't have more of this!
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If all others accepted the lie which the Party imposed, if all records told the same tale, then the lie passed into history and became truth. -Orwell
Any highrise development was needed there, ASAP. I've seen the tourists come for the Broad and the Concert Hall, and it must've been strange for them to see that stupid garage across the street.
The fact this will engage the street with retail (in a part of downtown with very little) is a big win for the city.
Doesn't the lot behind this development also have some huge planned?
Yep the Colburn school expansion, also designed by Gehry.