Latest milestone in Frank Gehry-designed downtown Los Angeles development
Related Companies today announced the selection of Los Angeles-based AECOM (NYSE:ACM), a premier, fully integrated global infrastructure firm, as construction manager for The Grand, the Frank Gehry-designed, mixed-use development in downtown Los Angeles on Grand Avenue across from The Broad museum and Walt Disney Concert Hall.
A visionary public-private partnership guided by the Los Angeles Grand Avenue Authority, The Grand is designed to revitalize downtown Los Angeles' cultural and civic core with a mix of commercial, retail, cultural and residential units featuring grand public spaces and world-class architecture. Construction on The Grand is poised to commence in fall 2018. Related also released new renderings of the project detailing the dynamic residential, retail, entertainment and public spaces that make up The Grand.
"AECOM is an undisputed leader in construction and has the know-how to bring Frank Gehry's incredible design to life," said Rick Vogel, senior vice president of Related Urban. "They have a deep understanding of Los Angeles and an experienced local team, which makes them an ideal fit for this compelling project. Their selection is another key milestone in the forward momentum of Grand Avenue and a fall groundbreaking. Related continues to appreciate the collaboration of our joint venture partner, CORE, and the Grand Avenue Authority as we realize the full potential of Grand Avenue."
Michael S. Burke, AECOM's chairman and chief executive officer, said, "Related is dedicated to achieving the highest standards of design and development, and it is an honor to extend our longstanding relationship with them into our hometown of Los Angeles. We are proud to leverage our leading construction expertise on this prestigious project with world-class partners that contribute to the continued redevelopment and renaissance of downtown Los Angeles."
Designed by world-renowned architect Frank Gehry, The Grand will include a dynamic mix of retail, hotel, dining, entertainment and residential opportunities anchored by a central public plaza above five levels of parking. The 209,000-square-foot space will include destination restaurants and shopping spread among a series of landscaped open terraces along with a movie theater complex and a 20-story, 314-room Equinox® Hotel. The residential component will be a 436-unit, 39-story tower.
To date, Related has invested $240 million in the success of the Grand Avenue Project, including previously completed phases. Related has funded and developed Grand Park, downtown Los Angeles' new iconic public and cultural space; developed The Emerson, the first new residential building in the Bunker Hill neighborhood in decades; and helped to facilitate The Broad museum. In 2016, Related entered into a joint venture partnership with CCCG Overseas Real Estate Pte. Ltd. (CORE) for this next phase of The Grand.
Related Companies is the most prominent privately owned real estate firm in the United States. Formed over 40 years ago, Related is a fully integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi, London, and Shanghai and boasts a team of over 3,500 professionals. The Company's portfolio of over $50 billion in real estate assets owned or under development is made up of best-in-class mixed-use, residential, retail, office and affordable properties in premier high-barrier-to-entry markets. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 28-acre Hudson Yards project on Manhattan's West Side. Related also manages approximately $4 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, and family offices. Related was recently named to Fast Company Magazine's list of the 50 Most Innovative Companies in the World. Related also owns Equinox® Fitness Clubs and SoulCycle, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties through an exclusive, branded amenity and lifestyle offering. For more information about Related Companies, please visit www.related.com.
CCCG Overseas Real Estate Pte. Ltd. (CORE), founded in Singapore in 2015, is a subsidiary of China Communications Construction Group Ltd. (CCCG). CCCG is a leading global integrated infrastructure service provider with business presences in more than 145 countries, ranking 103rd on the 2017 Fortune "Global 500" list. CCCG has developed more than 300 million square feet of real estate assets valued at more than $28 billion. By virtue of its quality products, CCCG real estate has obtained a leading position in China's real estate industry. As the investment and management platform of CCCG's real estate business, CORE is responsible for CCCG's overseas real estate investment, brand promotion and development management. With dual headquarters in Beijing and Singapore, CORE has developed substantive business in North America, Southeast Asia and Africa since its establishment. For more information, please visit www.core-sg.com.
AECOM (NYSE:ACM) is built to deliver a better world. We design, build, finance and operate infrastructure assets for governments, businesses and organizations in more than 150 countries. As a fully integrated firm, we connect knowledge and experience across our global network of experts to help clients solve their most complex challenges. From high-performance buildings and infrastructure, to resilient communities and environments, to stable and secure nations, our work is transformative, differentiated and vital. A Fortune 500 firm, AECOM had revenue of approximately $18.2 billion during fiscal year 2017. See how we deliver what others can only imagine at www.aecom.com and @AECOM.