Renderings of the Grand Avenue project at 100 South Grand Avenue (Credit: Related)
The budget for Related California’s massive Grand Avenue Project has jumped by around $200 million.
The cost of the Frank Gehry-designed, two-structure development has stretched from $750 million to $950 million, according to a letter to the L.A. County Board of Supervisors, which will consider minor changes to the project proposal next week, Urbanize reported.
Related has reportedly brought in an unidentified Chinese investor to fill the financing hole.
Depending on the Board’s decision on the amended plans, the groundbreaking date could be pushed back one year to Nov. 1, 2018, the letter from the L.A. County Chief Executive Office revealed. Dubbed Parcel Q, the project’s initial phase was first revealed in 2013.
The amended plan calls for a reduction in the number of units in the 38-story residential tower from 450 to 429 and a net decrease of 32,000 square feet in the planned retailed area. Under the new plan, no less than 15 percent of the project’s affordable units would be reserved for households earning 40 percent or less than the Los Angeles area median income.
Across the street, Related California finished a 19-story apartment complex in 2014 and opened the Broad Museum the following year. [Urbanize] — Cathaleen Chen