Los Angeles Luxury Development

Following years of being stalled by misfortunes and the skepticism of city officials, a new mixed-use, luxury development has been approved for the south end of downtown Los Angeles at Grand Avenue. Billionaire Stephen Ross’ Related Companies is set to oversee the construction and progress of this exciting project, which was designed by architect Frank Gehry.

Related, a New York-based firm, has formed a joint venture with Los Angeles-based SBE Entertainment Group LLC in order to reinvigorate plans for a $650 million to $700 million complex that will include entertainment, shopping, apartments, condominiums and a luxury hotel.

Those involved closely with the project hope to bring more Los Angeles residents to the south end and possibly spur more building in an area that is largely vacant after dark. Right now the area is dominated by government buildings, including the Los Angeles City Hall and downtown criminal court, nothing that would entice visitors to stay beyond the end of the business day.

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“The notion of bringing together this diverse mix of uses, and allowing for a lot of public spaces and public events, has proven to be very powerful in the right locations and with the right planning,” William Witte, president of Related’s California division, told Bloomberg News.

Approvals were finally met by city officials in January after an eight-year stall. Related and Gehry had initially proposed plans for a $1.8 billion mixed-use development but were stalled first by the recession and later on when the county’s support waned on even a scaled-back project.

Architect Gehry Makes His Mark in Downtown Los Angeles

Star architect Frank Gehry, who was commissioned to design the project, already has a notable example of his work on the block, the Walt Disney Concert Hall just across the street from the development site. Gehry has been involved with the project from the very beginning in 2005 when he first proposed design plans for a much larger project.

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Though officials were not too keen on the original design, Gehry and his team have scaled things back a bit, an effort that has been successful and will no doubt do its part to attract more people to the development.

Another big name lending to the revitalization of Grand Avenue is billionaire philanthropist Eli Broad. Broad is looking to infuse more culture onto the block. He is currently overseeing the construction of a new art museum near the Museum of Contemporary Art and the Disney hall.

Los Angeles Mayor Eric Garcetti is very enthusiastic about the revitalization of the area and is looking forward to yet another fun, exciting destination in an already vibrant city.

“Anchored by cultural assets such as the Disney Concert Hall, the Music Center, MOCA and the Broad museum under construction, the transformation of Grand Avenue will be a big attraction for L.A.’s residents and visitors and boost our economy with new housing, hotel and retail businesses,” Garcetti said in an emailed statement.

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(all data current as of 10/22/2017)

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