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Related locks down City Council approval for Grand Avenue Project, names Chinese investor

Renderings of the Grand Avenue project at 100 South Grand Avenue (Credit: Related)
Renderings of the Grand Avenue project at 100 South Grand Avenue (Credit: Related)

The Los Angeles City Council greenlighted Related Companies’ Grand Avenue project Wednesday, marking the last in a long line of approvals the company needs to move forward.

Over the last three weeks, the massive Downtown project — more than 10 years in the works — received approvals from the L.A. Grand Avenue Authority, the County of L.A. and the successor agency to the now-defunct Community Redevelopment Agency of L.A.

Related also announced Wednesday a joint venture partnership with Chinese real estate firm, CCCG Overseas Real Estate (CORE), a subsidiary of China Communications Construction Company.

CORE will funnel $290 million into the next phase of the project. This will be CORE’s first real estate investment in the U.S., its president Ren Hongpeng said.

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Known as Parcel Q, the two-tower project will break ground in 2018 and is slated for completion in 2022. It will include an Equinox hotel as well as a 38-story residential complex with 429 units and retail space. Approximately 20 percent of the new residences will be affordable, according to the Related announcement.

Related’s budget for the project has risen from $750 million to $950 million, according to amended plans revealed by the L.A. County’s Chief Executive Office.

The project is also subject to living wage and local hiring policies, and must remain neutral if hotel workers want to unionize in the future. Related estimates that Parcel Q will bring more than 10,000 new jobs and $570 million in revenue to L.A. over the next 25 years.– Cathaleen Chen

 

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