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Thanks to $100 million in money from a royal family of Dubai, the Frank Gehry residential and retail project along Grand Avenue is finally getting its go-ahead, months after delay due to worries of the economy, downtown's real estate market, project details and plan approvals. The first phase of the plan takes place directly across the street from Disney Hall where starting next month, crews will begin to dismantle the parking garage and lot, making room for two buildings, one 48 stories high and the other 19.
"The taller tower -- 48 stories -- would include rooftop pools, 264 high-end condo units, a 289-room Mandarin Oriental and an Equinox health club," reports the LA Times. "The second, 19-story tower would include nearly 100 rental units -- designated as affordable housing -- and 126 condominiums." The first phase plan also calls for a civic park that would extend the current civic park between the county court house and hall of administration towards City Hall, but no date has been announced for the ground breaking of that portion of the phase.
The three-phase plan, which includes up to four more buildings is considered to be a major "lynch-pin" for Downtown's revitalization.
Image from the Grand Avenue Committee
