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Current News LA City Council Unanimously Approves $2 Billion Grand Ave. Project
Current News LA City Council Unanimously Approves $2 Billion Grand Ave. Project
| LA City Council Unanimously Approves $2 Billion Grand Ave. Project |
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Project Will Dramatically Alter Los Angeles Skyline
The revitalization of downtown Los Angeles took a dramatic step forward in February after the Los Angeles City Council unanimously approved the Grand Avenue project. The project was supported by business leaders, including billionaire Eli Broad and Building Trades Unions. The entire project will receivie roughly $95 million in public subsidies. This includes $66 million in municipal tax rebates, $4.6 million from the county, and $24.4 million from the Community Redevelopment Agency. The project is also being built on land owned by the City and County of Los Angeles. In comparison, the L.A. Live sports and entertainment complex near Staples Center — was granted up to $290 million in subsidies and tax breaks from the city for a convention center hotel. First-phase construction is set to begin in October, with completion scheduled for June 2011. Construction on Phase 2 is scheduled to begin in 2013 and be completed by August 2015. Phase 3 would begin in March 2014 and be finished by January 2018. “Today’s a culmination of many, many years of work,” said Councilwoman Jan Perry, whose 9th Council District includes the development. “We deliberated openly. We deliberated completely and thoroughly throughout this process, and we worked with a developer who made sincere and concerted efforts to reach out to the entire city,” she said. “Our relationship and partnership with the County of Los Angeles is also unprecedented. Many times we are in conflict, but in this, we are in agreement.” The Council vote provides the green light for all three phases of Grand Avenue. The project will radically alter the city’s skyline; plans call for at least five new high-rise buildings and 3.6 million square feet of development, including two translucent glass residential towers, one 49 stories and the other 24. One tower would include a five-star Mandarin Oriental hotel. Two hundred of the 1,000 housing units included in the first phase would be reserved for low-income residents. The second phase is to be built on the block south of Disney Hall, with preliminary plans calling for two 30- to 35-story residential towers, one five- to six-story residential building, and more retail stores and parking. The third phase would go east of Disney Hall. Preliminary plans call for a 35- to 40-story residential building including some retail shops and possibly a 15- to 20-story building that would be office space or condos. The county is still considering whether to raze its current administrative headquarters and move to an office building in the third phase. also approved was the development of a 16-acre park between the Music Center and City Hall as part of the project’s first phase — one of the civic benefits that backers said was vital to the project’s success. |
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