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LOS ANGELES-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Related California will break ground today on the first residential building of its Grand Avenue Project in downtown Los Angeles. The 19-story apartment tower is the first high rise building in Los Angeles designed by architects Arquitectonica.
The building, which is expected to be completed in the fourth quarter of 2014, will have 271 apartments, 20% of which will be affordable, and 5,000 square feet of restaurant space on the Grand Avenue side and rumor has it that the entire Grand Avenue Project was “designed to revive Downtown L.A. similar to the L.A. Live project.”
Located next door to the Broad museum and public plaza on what is known as Parcel M, the site runs from Grand Avenue to Hope Street and is adjacent to Metro's planned Regional Connector that will link the Blue Line and Exposition Line with the Gold Line and Union Station “improving convenience and access for transit riders,” according to a statement.
The building will bring the first apartments to Bunker Hill in downtown Los Angeles in more than a decade and add 500-plus new residents, according to a prepared statement. The project will create 417 construction jobs over the next two years, the statement says.
As GlobeSt.com previously reported, the Grand Avenue Project is a $3-billion project that includes approximately 3.6-million square feet of mixed use.
“This is a welcome next step in the Grand Avenue Project, adding to earlier components of Grand Park and The Broad,” says Los Angeles County Supervisor Gloria Molina, chair of the Joint Powers Authority that oversees the Grand Avenue Project. “We are pleased that Related is beginning with an apartment building that will offer affordable living as well as market rate rentals to the area, further realizing our collective vision of Grand Avenue as a dynamic and diverse mixed-use environment.”
Mayor Antonio Villaraigosa, City Council Members Jan Perry and Jose Huizar, and Supervisor Molina joined Related California President and CEO Bill Witte at the official groundbreaking ceremony. “The Grand Avenue Project is a game changer in the revitalization of downtown Los Angeles,” said Mayor Villaraigosa, at the groundbreaking event. “These new apartments are a significant step forward as we continue to make downtown a vibrant place to live, work and play.”
According to Councilman Huizar, vice chair of the Joint Powers Authority and City Council representative for the area, "Downtown continues to gather momentum as a residential, cultural, civic and entertainment hub for our city. We look forward to the other components of Grand Avenue as the economy strengthens."
The building will be a pure rectangular white prism punctuated by windows of varying sizes and proportions, creating a dynamic display on its façade. The windows gradually change in scale, culminating in energy zones of full glass at the ground level on Grand Avenue and at the top of the building facing Hope Street and the freeway. It will be built to LEED Silver Certification standards, according to a prepared statement.
The executive architect is LARGE Architecture and Rios Clementi Hale Studios is landscape architect. Marmol Radziner & Associates is responsible for interior design. Pankow is the general contractor. Construction loan financing is provided by Citi Community Capital with an equity letter of credit from Ohio State Teachers Retirement System.
Low income housing tax credit equity comes from Boston Financial while the Grand Avenue Authority has provided an affordable housing loan and grant.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
