After decades of speculating how long it would last, crews have finally started demolishing the parking structure across from Walt Disney Concert Hall to make way for a $1-billion tower complex.
The parking structure – sometimes referred to as the “Tinker Toy” or “erector set” garage – was built in the 1960s, and it was always intended to be temporary. But after lasting decades longer than expected, it has finally met its end, Urbanize reported. It will be replaced by Related Companies’ project, The Grand, designed by Frank Gehry.
Crews didn’t waste time. Just weeks ago Related Cos. secured $630 million to finance construction of the complex. The loan came shortly after the Los Angeles City Council approved a $200-million bond measure to help finance the project.
When completed in 2021, the site will include one 39-story apartment tower at 2nd and Olive streets with 323 market-rate apartments, and 89 units designated for affordable families. It will also include a 20-story, 309-room Equinox hotel at 1st Street, and 215,00 square feet for shops, restaurants, a movie theatre and a large plaza.
Gehry’s design is reminiscent of some of his more traditional works. And The Grand will be located across the street from the concert hall, which has been one of the designs most closely associated with the architect.
AECOM was hired in January as the construction manager. Formal groundbreaking is set for early next year. [Urbanize] – Gregory Cornfield