Related to Break Ground on Grand AvenueThursday, January 3, 2013
New York developer Related Cos. will break ground on the first building of its long-delayed Grand Avenue project in downtown Los Angeles on Jan. 10.
The $120 million, 19-story apartment tower will have 271 market-rate and affordable apartments as well as 5,000 square-feet of space for restaurants on the ground floor facing Grand Avenue next to the proposed Broad Museum.
The tower, designed by Miami architecture firm Arquitectonica, is expected to be completed by the end of next year.
It is scaled back from its original conception, which included two taller residential towers. But it is part of Related’s larger Grand Avenue project that includes plans for condos, a hotel and a shopping center across the street from the Walt Disney Concert Hall. It is not clear when, or how, Related plans to move forward on the rest of the project.
Related got approval nearly 8 years ago to build the huge and conspicuous development. Since then, the project has been scaled back and delayed several times.