DOWNTOWN LOS ANGELES - The long-delayed Grand Avenue project is finally set to see some construction action.
Developer Related Cos. was slated to begin work as soon as Friday, Dec. 21 (after Los Angeles Downtown News went to press) on a $100 million, 19-story luxury apartment tower, said Bill Witte, president of Related California.
The tower designed by the Miami-based Arquitectonica will rise on Grand Avenue, just south of the under-construction Broad museum. Related will hold an official groundbreaking ceremony on Jan. 10.
The site, known as parcel M, was originally slated for the second phase of the Grand Avenue project. Phase one called for a Frank Gehry-designed complex with two residential towers and a hotel above a retail hub on the Grand Avenue parking lot across from Disney Hall.
That portion of the project has been delayed because Related has not been able to secure financing; Related has missed multiple deadlines to break ground on the phase one piece, and instead has secured repeated extensions.
The joint powers Grand Avenue Authority approved an extension for phase one through February 2013. The firm is expected to request another extension soon.
For the parcel M tower, plans call for 271 units, 20% of which would be priced for low-income tenants, and 5,000 square feet of commercial space envisioned as a restaurant. The project is expected to open by late 2014.