Could the Grand Avenue project be coming back to life?

West
Monday, June 4, 2012
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An early rendering of The Grand (Related Companies)

Frank Gehry and Related Companies’ left-for-dead Grand Avenue project in Downtown LA (now known as “The Grand”) may be getting a new lease on life, reports the LA Times. The $3 billion, mixed-use development, which includes condos, hotels, shops and a 12-acre park (Grand Park, which is opening this summer), was supposed to begin construction in 2007, yet no shovel has touched earth, at least not for a building. But now Related is reportedly rethinking the project’s “luxury aspirations,” toning down some of the most expensive elements and lowering rates on condos to get things moving. ”We still believe we can create some of the highest values downtown….But do I think we have to be a little bit less ambitious? Yes, I would agree with that,” Related president Bill Witte told the Times. He would not comment on whether Gehry’s wavy towers would remain, but Witte did say that the project’s “dimensions, scope and scale” could be adjusted. Meanwhile Grand Park’s web site doesn’t provide a definitive completion date, so stay tuned for more on its opening.

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