Related Breaks Ground on $120M Downtown LA Project

Related California has broken ground on a $120 million, 19-story, 271-unit apartment building in downtown Los Angeles’ Grand Avenue Project, Related announced Thursday. The tower, at 225 N. Grand Avenue between 2nd and 3rd streets, is the first residential phase of the Grand Avenue Project and will include 20 percent affordable apartments. The building reportedly will bring the first apartments to the Bunker Hill area in more than a decade and add 500-plus new residents. The project, which will also include a 5,000-square-foot ground-floor restaurant space, is scheduled for completion in the fourth quarter of 2014. The first component of the Grand Avenue Project to be completed was Grand Park, which opened last July and encompasses 12 acres between Bunker Hill itself and city hall. The park was funded by a $50 million contribution from Related. The rest of the Grand Avenue Project totals about 9 acres.

–  Commercial Property Executive

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