New York-based real estate firm Related Cos. and peer CORE USA have started construction of a $1 billion mixed-use development in downtown Los Angeles (LA), The Grand.
The Grand, situated across the street from the Walt Disney Concert Hall on Grand Avenue, will include over 176,000 square feet of retail space, an Equinox Hotel and over 400 residences.
The retail portion of the project will include chef-driven restaurants, a collection of shops and a movie theater complex. About 20 percent of the residences will be affordable-rate units.
The Grand is anticipated to create 10,000 new jobs and $397 million in revenues to the City of Los Angeles and $68 million in revenues to the County of Los Angeles over the next 25 years.