Developer Related Companies and partner CORE, a subsidiary of China Communications Construction Company, are finally taking steps toward breaking ground on the long-stalled, Frank Gehry-designed Grand Avenue Project.
Related filed building permits with the city of Los Angeles for its $1 billion mixed use development at 100 S. Grand Avenue, Urbanize reported on Friday.
The two-tower project calls for one 39-story residential building with 128 condominiums, 214 market rate apartments and 86 units of affordable housing.
The second tower will be a 20-story Equinox hotel with 305 guest rooms.
The buildings will also include 200,000 square feet of retail space and 1,500 parking spaces.
Related expects to begin construction on the project — which was once expected to break ground in 2007 — next year and complete it in 2022.
Late last year, the project received its final approval from L.A. City Council. On the day of the approval, Related announced that it would partner with Chinese real estate firm CORE, which will funnel $290 million into the development. [Urbanize] — Subrina Hudson