Image: Rendering by Related
Those anticipating the long-awaited Frank Gehry development (including a Gehry-designed hotel, housing and retail complex) on Grand Avenue will have to downsize their expectations, because that’s exactly what happened to the project. Real estate development firm Related has announced they will be doing the heavily delayed project in phases, starting with one residential tower.
Originally approved in 2007, the plans for a $2 billion Gehry-designed hotel, residential and retail complex have been altered and instead a one 19-story apartment tower designed by Arquitectonica has just broken ground across from Disney Hall, according to LA Curbed. “The rest of the property would be developed in later stages, adding different uses according to evolving demand,” reports the site.
The firm’s plans for the 19-story tower are not set in stone yet, and reports indicate it could actually be taller than 19-stories and transform in time to a “hybrid building that would blend condominiums on the upper floors with apartments in the rest of the structure.”
Bill Witte, president of Related California, said, “There would be some flexibility built in to accommodate the market so that we can actually accomplish over time objectives we originally sought, which was a vertically integrated mix of uses on this site.”
According to LA Downtown News, the $120 million, 271-unit apartment building “will have 20% of the residences set aside as affordable housing.” Due to a deal made between Related and the city and county, all of the residential projects planned for the Grand Avenue development must contain the 20% affordability component.