November 6, 2018
Related Cos. secured $630 million in construction financing for the Grand, a mixed-use development in DTLA. The $1-billion Frank Gehry-designed retail, entertainment and hotel project is scheduled to be completed by 2021.
German lender Deutsche Bank provided the financing. Construction will commence on the project this month on a site along Grand Avenue between 1st and 2nd streets, just across the street from the Walt Disney Concert Hall.
Anchored by a central public plaza, the 215,000 square feet of retail space is spread across a series of landscaped open terraces, along with a movie theater complex and a 20-story, 309-room Equinox Hotel. The residential component includes 436 residences in a 39-story tower.
The development team also includes CORE USA, a joint venture of China Harbour Engineering Company and CCCG Overseas Real Estate (CORE). The project also received $290 million in financing from CORE.
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