PRNewswire
$3 Billion Grand Avenue Project Starts Construction

(Did I hear that right? I thought it was $1.9 Billion?)
16-acre civic park to break ground in fall of 2008.
LOS ANGELES, Dec. 4 /PRNewswire/ -- Construction work is underway on The Grand, one of the largest vertically-integrated, mixed-use projects under construction in the nation. The multi-phase 3.6 million square foot development spanning three city blocks will cost an estimated $3 billion to develop. Phase I has been designed by world-renowned architect Frank Gehry for the project developer, Related Companies. Demolition of the parking garage at Grand Avenue and First Street will commence in February 2008 following remedial site work. Transformation of the existing County Mall to a new, 16-acre civic park will begin next fall.
"Beginning construction on the The Grand represents the culmination of three years of intense planning, designing, and collaboration with a vast group of community and civic participants. We are excited to be leading this project and taking the next step in downtown Los Angeles' continued revitalization," said Stephen M. Ross, Chairman and CEO of Related Companies.
Situated on a full city block bordered by Grand Avenue, Olive, First and Second Streets, Phase One of the large-scale urban site totals 1.3 million square feet. It will feature a vibrant mix of hotel and residential towers, retail, restaurants, entertainment/nightlife, and public amenities that will create a destination that is pedestrian-friendly and attractive to residents and visitors.
The architectural centerpiece of The Grand will be an iconic 48 story tower located at Second Street and Grand Avenue, including a 295-key Mandarin Oriental Hotel crowned with 266 for-sale luxury residences. Designed by Gehry, The Mandarin will be similar to the AAA, Five-Diamond hotel in New York at Related's Time Warner Center, which sold out The Residences at The Mandarin Oriental New York that were branded as "Five Star Living(R)."
At First and Olive Streets, a 19-story Gehry-designed residential tower will combine 126 market rate condominiums and 98 units of affordable housing. Adjacent to the city's leading cultural and performing arts venues -- which include Gehry's impressive Walt Disney Concert Hall -- The Grand will feature a nexus of exciting retail concepts and exceptional cafes, restaurants and bars. The 250,000 square foot retail pavilion will showcase a distinctive collection of boutiques and restaurants that will be instrumental in regenerating downtown LA as a shopping destination. A carefully selected mix of cuisines and price points -- complemented by a line up of renowned chefs- will provide the zenith of fine dining and service to catapult the city's burgeoning cultural district to the top of the downtown entertainment scene.
The new, 16-acre civic park will be anchored by landmark cultural and civic buildings. It is envisioned as an urban gathering place for Angelenos, as well as the City's venue for public events. The park will feature terraces, lawns, gardens and plaza areas that will become the centerpiece of The Grand's landscaped public spaces, which will be woven into the neighborhood with both street-front and multi-level retail, plaza, terraces and walkways offering expansive view corridors and pedestrian connections to downtown's cultural center.
About Related
Related Companies, heralded as one of the most prolific and visionary developers, is considered the most prominent privately-owned real estate development firm in the United States. Headquartered in New York City, Related has offices or major developments in Chicago, Miami, Los Angeles, Phoenix, Boston and Aspen/Snowmass and boasts a team of more than 2,000 professionals with expertise in financing and acquisitions, marketing and sales, construction and property management.
In 2004, Related completed the development of New York City's newest landmark, Time Warner Center, featuring an unparalleled restaurant collection by renowned chefs Thomas Keller, Michael Lomonaco, Masayoshi Takayama and Marc Murphy, signature shops, super-luxury condominiums, office headquarters for both Related and the world headquarters for Time Warner, Inc., the Mandarin Oriental New York and, overlooking Central Park, the first ever concert hall designed specifically for jazz -- Jazz at Lincoln Center. Time Warner Center has transformed Columbus Circle.
Showcasing Related's over $6 billion commitment to sustainable development, Related developed Tribeca Green, which has achieved a LEED Gold rating and recently completed 340 on the Park, the first green residential tower in the Midwest.
In Snowmass Colorado, Related is setting a new paradigm in environmental sensitivity in resort living through its 80-acre mixed-use development. Committed to architectural and design excellence, Related works with award winning architects such as Bernardo Fort-Brescia, David M. Childs, Charles Gwathmey and Robert Siegel, Frank Gehry, Richard Meier, David Rockwell, Philippe Starck and Robert A.M. Stern to create market defining properties.
http://www.Related.com
The Grand
Phase I Development Timeline
December 2007 Begin Phase I Construction
Fall 2008 Groundbreaking for Civic Park
Late 2010 Grand Opening of Civic Park
Early 2011 Grand Opening of Mandarin Oriental Hotel and retail pavilion
Summer 2011 Grand Opening of Residential Towers
Contacts: MWW Group (213) 486-6560
Kathleen Flood, ext. 318; Cell: 562-833-6033
Ron Demeter, ext. 315; Cell: 310-614-1059
Miya Walker, ext. 308; Cell: 323-547-6457
Website:
http://www.Related.com/
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It looks like the same thing will happen here as it did at LAPD HQ.
@Colemonkee: Do you thing we should change it's name to
"The Grand"?