Related Urban Senior Vice President Rick Vogel and a rendering of The Grand
Related Companies and CORE have secured the last chunk of financing for The Grand, a $1 billion project in Downtown Los Angeles designed by architect Frank Gehry.
The development team announced Monday that it closed on a $630 million construction loan with Deutsche Bank. The team will start prepping the site at 100 S. Grand Avenue for construction with the goal of breaking ground in the coming months. AECOM was hired in January as the construction manager.
The Deutsche Bank loan comes two weeks after the City Council approved a $200 million bond measure to finance the 323-unit multifamily component of the project, which includes 89 affordable units. CORE, short for CCCG Overseas Real Estate, is also providing $290 million in financing. Related brought in the Chinese firm as an equity partner in 2016 after the estimated cost of the project increased.
The project includes three main sections — a 39-story residential tower, a 20-story Equinox brand hotel, and three levels of retail space totaling 215,000 square feet. The residential tower also includes 113 condominiums. A public plaza connects the towers.
The project will replace an aging parking garage across from one of Gehry’s most well-known works, the Walt Disney Concert Hall. Gehry’s design resembles stacked blocks and is reminiscent of some of his more traditional designs. He scaled the project back from an original design to make it financially feasible.
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