Major development project in downtown Los Angeles advances

LOS ANGELES (AP) — A long-delayed major development project in downtown Los Angeles is finally moving forward.

The Los Angeles Times reports Monday that Related Companies has secured $630 million in construction financing from German lender Deutsche Bank for a massive retail, entertainment and hotel project called the Grand.

Work will begin this month on the Frank Gehry-designed project, which will replace an old parking structure across Grand Avenue from the gleaming Gehry-designed Walt Disney Concert Hall.

The $1 billion project will have 215,000 square feet (19,974 square meters) of retail space, a 309-room hotel and 436 residences. Completion is expected by 2021.

It joins a wave of construction projects transforming downtown LA.

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Information from: Los Angeles Times, http://www.latimes.com/