Related Welcomes $290M Infusion from New Chinese JV Partner
Related Companies introduced a new joint-venture partner and an updated development timeline for the proposed $950-million Grand Avenue project in DTLA. LA’s City Council found favor with both changes.
Chinese firm, CCCG Overseas Real Estate Pte. Ltd, (CORE), is investing $290 million in the mixed-use project, which will be its first major project in the U.S. CORE is the real estate arm of the China Communications Construction Group.
The long-delayed development is now slated to break ground in 2018, and open in 2022. The Frank Gehry-designed project is proposed to include a residential tower with up to 450 units, a 300-room Equinox hotel, as well as 200,000 square feet of retail and restaurant components and a large public plaza along Grand Ave.
*Gehry Partners Rendering
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