$3 Billion Grand Avenue Project Starts Construction

16-acre civic park to break ground in fall of 2008.

Dec 04, 2007, 00:00 ET from Related Companies

    LOS ANGELES, Dec. 4 /PRNewswire/ -- Construction work is underway on
 The Grand, one of the largest vertically-integrated, mixed-use projects
 under construction in the nation. The multi-phase 3.6 million square foot
 development spanning three city blocks will cost an estimated $3 billion to
 develop. Phase I has been designed by world-renowned architect Frank Gehry
 for the project developer, Related Companies. Demolition of the parking
 garage at Grand Avenue and First Street will commence in February 2008
 following remedial site work. Transformation of the existing County Mall to
 a new, 16-acre civic park will begin next fall.
     "Beginning construction on the The Grand represents the culmination of
 three years of intense planning, designing, and collaboration with a vast
 group of community and civic participants. We are excited to be leading
 this project and taking the next step in downtown Los Angeles' continued
 revitalization," said Stephen M. Ross, Chairman and CEO of Related
     Situated on a full city block bordered by Grand Avenue, Olive, First
 and Second Streets, Phase One of the large-scale urban site totals 1.3
 million square feet. It will feature a vibrant mix of hotel and residential
 towers, retail, restaurants, entertainment/nightlife, and public amenities
 that will create a destination that is pedestrian-friendly and attractive
 to residents and visitors.
     The architectural centerpiece of The Grand will be an iconic 48 story
 tower located at Second Street and Grand Avenue, including a 295-key
 Mandarin Oriental Hotel crowned with 266 for-sale luxury residences.
 Designed by Gehry, The Mandarin will be similar to the AAA, Five-Diamond
 hotel in New York at Related's Time Warner Center, which sold out The
 Residences at The Mandarin Oriental New York that were branded as "Five
 Star Living(R)."
     At First and Olive Streets, a 19-story Gehry-designed residential tower
 will combine 126 market rate condominiums and 98 units of affordable
 housing. Adjacent to the city's leading cultural and performing arts venues
 -- which include Gehry's impressive Walt Disney Concert Hall -- The Grand
 will feature a nexus of exciting retail concepts and exceptional cafes,
 restaurants and bars. The 250,000 square foot retail pavilion will showcase
 a distinctive collection of boutiques and restaurants that will be
 instrumental in regenerating downtown LA as a shopping destination. A
 carefully selected mix of cuisines and price points -- complemented by a
 line up of renowned chefs- will provide the zenith of fine dining and
 service to catapult the city's burgeoning cultural district to the top of
 the downtown entertainment scene.
     The new, 16-acre civic park will be anchored by landmark cultural and
 civic buildings. It is envisioned as an urban gathering place for
 Angelenos, as well as the City's venue for public events. The park will
 feature terraces, lawns, gardens and plaza areas that will become the
 centerpiece of The Grand's landscaped public spaces, which will be woven
 into the neighborhood with both street-front and multi-level retail, plaza,
 terraces and walkways offering expansive view corridors and pedestrian
 connections to downtown's cultural center.
     About Related
     Related Companies, heralded as one of the most prolific and visionary
 developers, is considered the most prominent privately-owned real estate
 development firm in the United States. Headquartered in New York City,
 Related has offices or major developments in Chicago, Miami, Los Angeles,
 Phoenix, Boston and Aspen/Snowmass and boasts a team of more than 2,000
 professionals with expertise in financing and acquisitions, marketing and
 sales, construction and property management.
     In 2004, Related completed the development of New York City's newest
 landmark, Time Warner Center, featuring an unparalleled restaurant
 collection by renowned chefs Thomas Keller, Michael Lomonaco, Masayoshi
 Takayama and Marc Murphy, signature shops, super-luxury condominiums,
 office headquarters for both Related and the world headquarters for Time
 Warner, Inc., the Mandarin Oriental New York and, overlooking Central Park,
 the first ever concert hall designed specifically for jazz -- Jazz at
 Lincoln Center. Time Warner Center has transformed Columbus Circle.
     Showcasing Related's over $6 billion commitment to sustainable
 development, Related developed Tribeca Green, which has achieved a LEED
 Gold rating and recently completed 340 on the Park, the first green
 residential tower in the Midwest.
     In Snowmass Colorado, Related is setting a new paradigm in
 environmental sensitivity in resort living through its 80-acre mixed-use
 development. Committed to architectural and design excellence, Related
 works with award winning architects such as Bernardo Fort-Brescia, David M.
 Childs, Charles Gwathmey and Robert Siegel, Frank Gehry, Richard Meier,
 David Rockwell, Philippe Starck and Robert A.M. Stern to create market
 defining properties. http://www.Related.com
The Grand Phase I Development Timeline December 2007 Begin Phase I Construction Fall 2008 Groundbreaking for Civic Park Late 2010 Grand Opening of Civic Park Early 2011 Grand Opening of Mandarin Oriental Hotel and retail pavilion Summer 2011 Grand Opening of Residential Towers Contacts: MWW Group (213) 486-6560 Kathleen Flood, ext. 318; Cell: 562-833-6033 Ron Demeter, ext. 315; Cell: 310-614-1059 Miya Walker, ext. 308; Cell: 323-547-6457

SOURCE Related Companies