And its budget has ballooned to $950 million
Two Frank Gehry-designed towers across from the Walt Disney Concert Hall on Bunker Hill have been beset with delays for years, so the potential for another holdup shouldn’t come as a surprise. Next week, county supervisors are expected to discuss pushing back the construction start date the project known as Parcel Q, reports Urbanize LA.
Parcel Q was supposed to be the first in a trio of projects collectively called the Grand Avenue Project aimed at transforming Grand Avenue into a pedestrian-friendly corridor. The other two, Grand Park and the luxury apartments, The Emerson, are already built. So Parcel Q is now the final piece.
The Los Angeles County Board of Supervisors is voting on the “fifth amendment” for the Grand Avenue Project. If approved, the deadline to begin construction on Parcel Q would be pushed back almost a year, from November 30, 2017 to roughly November 1, 2018. That means the completion date would be pushed back too, from January 31, 2021 to 38 months after construction starts.
The plan for Parcel Q, a multi-use project that would include parking, residential, retail, hotel, and commercial space, remains “fundamentally the same,” says ULA. It calls for a 38-story residential tower (with a mix of affordable and market-rate apartments, plus condos) and a 16-story hotel (probably run by luxury gym company Equinox).
The amendment also reveals a big jump in the cost to build the project: $950 million. That’s well above the previous estimate, which put the project at about $750 million. Developer Related California recently asked for and received nearly $200 million in subsidies and loans to help get the project built.
Related built out Parcel M, now known as The Emerson apartments, right next to The Broad museum and kicked in $56 million toward building Grand Park as park of the Grand Avenue project.
- $950-Million Grand Avenue Project Pushed Back to 2018 [Urbanize LA]
- LA May Hand Out $185 Million to Fancy Frank Gehry Complex [Curbed LA]