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$1B Gehry Project Files Building Permits

Wednesday, August 23, 2017

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The $1 billion, Frank Gehry-designed mixed-use project slated for downtown Los Angeles has filed building permits.

Images Courtesy of the City of Los Angeles

The $1 billion, Frank Gehry-designed mixed-use project slated for downtown Los Angeles has filed building permits.

The project, about 10 years in the making, will complete the transformation of Grand Avenue, an area that was razed 50 years ago.

In January, developer Related Companies received an injection of cash ($290 million) and a partner from Chinese real estate firm CORE. At that time Related told the Los Angeles Times that construction would start in 2018.

Building permits were finally filed this summer, three years after the project was approved by the city.

Design

The design calls for two towers sitting on either side of a 200,000 square foot retail complex. The first tower is slated to be residential, at 39 stories. It will feature 128 condominiums, 214 market-rate apartments and 86 subsidized affordable housing units.

The design calls for two towers sitting on either side of a 200,000 square foot retail complex. The first tower is slated to be residential, at 39 stories. It will feature 128 condominiums, 214 market-rate apartments and 86 subsidized affordable housing units.

The second tower is slated to become a 20-story hotel, which would feature more than 300 rooms. The design for both towers is cantilevered, so that the majority of the properties have a view of the Walt Disney Concert Hall, which is across the street from the parcel.

While material details haven’t been released, the original approval documents from 2014 state that the use of “highly reflective or mirrored glass material is discouraged” and that the glazing for the street-level commercial plaza should maintain transparency.

The groundbreaking is set for 2018, with a completion target of 2022. When complete, the space is estimated to create 10,000 new jobs and bring in $570 million in revenue over the next 25 years.

   

Tagged categories: Commercial Construction; Design build; Frank Gehry; Residential Construction

Comment from Jesse Melton, (8/24/2017, 12:35 AM)

It looks like a Christmas party at a paper bag factory.

I don't understand the math involved in this project. If it's going to cost $1 billion to build who gets left holding the bag in 25 years when the project is still $430 million short of break even? Why would anybody invest in that?


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