GEHRY-DESIGNED DOWNTOWN L.A. PROJECT SECURES FINANCING

A US$1-billion mixed-use development designed by Frank Gehry on Grand Avenue in downtown Los Angeles that includes a 39-story residential tower has secured US$630 million in financing from Deutsche Bank, meaning the long-awaited project can finally move forward, the Los Angeles Times reports. Planned since 2004, the redevelopment in the Bunker Hill neighborhood is a project of Related Cos. and Core USA — a joint venture of China Harbour Engineering Co. and CCCG Overseas Real Estate. Besides the residential tower, it will have a 20-story hotel, a 430-seat movie theater and a mix of shops and restaurants. Local leaders praised it for bringing permanent jobs and affordable housing to the area. Completion is anticipated by 2021.