Chinese investor makes first U.S. development investment
Related Cos. has received a $290 million commitment from aunit of China Communications Construction Co. for Related’s Grand Avenue development project. China Communications Construction and its subsidiaries will act as co-developer. With the investment from CCCG Overseas Real Estate, the project’s developers have raised more than $400 million in total.
The $1 billion Grand Avenue development project, located across the street from the Walt Disney Theatre on Los Angeles’ Grand Avenue, received approval in December 2016, and construction will begin this year.
The development will have six levels of parking below Grand Avenue with room for 1,500 cars. The property will include approximately 215,000 square feet of space for retail stores and eight “destination” restaurants spread among a series of landscaped open terraces. There also will be a movie theater complex and a 305-room Equinox-brand hotel. In addition, the property will inc