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ARENDERINGof the GrandAvenueProject. The development’splans include stores, eight “destination” restaurants, a 20-story hotel tower and a 39-story residential tower with128 condos and 301 apartments.

Related Cos.

PresidentKen Himmel said.
“This isa milestone un-
like any other in the history
of this project,” he said. “It’s
atotal game-changer.”
The $290-millioncash in-
jection meansthat Related
and CORE have now raised
more than $400 million for
the project, Himmel said.
Typically, real estate devel-
opers borrow 70% or more of
the funds they needto start
building.
“Thisshouldsayto every-
one thatthis project is not
over-leveraged,” Himmel
said. “It’s a tremendousvote
of confidence to see that
amount of equity gointo the
project.”
Guosaid CORE was in-
terested in the project be-
cause it is “high-profile and
high-end” and will reflect
well onthe company’s repu-
tation. Also, the city and
county of Los Angeles are
partiesto the development,
providing subsides includ-
ing tax breaks valued at
nearly $200 million.
“We know government
projects never fail,” Guo
said.
CORE als o will learn
from Related howto develop
in theU.S., said Guo,who is
based inVancouver, Cana-
da. “At the same time,we
would like to contribute our
experience.”
As co-developer, CORE
could acquire some con-
struction materials from
China andcould also bring
Chinese buyersto the con-
dos.“Wedohave theconnec-
tions,” he said.

COREand Relatedare coming somewhat late to downtown in thecurrent development cycle, which someanalysts have specu- lated may be peaking. Other moneyed Chinese devel- opers such as Greenland Group,OceanwideHoldings and Shenzhen Hazens Real Estate Group have already launched mega mixed-use projects that are changing the skyline. They’re adding thou- sands of new residential units and hotelrooms in soaring skyscrapers mostly south of thefinancial district near Staples Center and L.A.Live. But the GrandAvenue Projectwould be thefirst Chinese-related megadevel- opment for Bunker Hill. And Guo said thecompany is confident that there will be demand for the project’s re- tail, hote l and residential of- ferings when it iscompleted in 2022. “The economyof Los An- geles grew pre tty quickly after the financial crisis of 2008,”Guosaid. “We think the population will keep growing.” Hospitality consultant SaraLosaidshewasnotsur- prised that Chinese money continuesto flow into Los Angeles and theU.S. She noted thatthe Chi- nesegovernmenthas deval- ued itscurrency about12% since 2015. That has boosted outbound investment as prosperous Chinesecompa- nies and individuals look for ahedge against furtherde-

valuation. Part of what makes Los Angeles particularly attrac- tive to Chinese investors is that downtown is booming yet still has large surface parking lots that can be turned into mega mixed-use projects, she said. “You don’t find many 5- acre parcelsthat can support $1-billion developments in many downtowns,” said Lo, a senior manager spe- cializing in the hospitality business atconsulting firm EY. She also expects that Chinesemoneywillcontinue to flow into U.S. developments for years since Chinarecentlyeasedrestric- tions on sending money out of the country. Insurance companiescannowinvestas much as 15% of theirtotal financial asse ts overs eas,

and have only about 2% of assetsabroad now. “There is a long runway to go,” she said. Related’s project is setto rise ona block now occupied by an ugly low-rise parking structure. The development wouldhavesixlevelsofpark- ing below Grand Avenue withroom for1,500 cars. Above would be about 215,000 square feet of space for stores and eight “destination” restaurants spread among a series of land- scaped openterraces laid out by Gehry, Himmel said. There would be a movie the- ater complex and a 305- room Equinox-brand hotel. Gehry’s design calls for a 20-story hoteltower and 39- stor y residentialtower con- taining128 condosand 301 apartments. Prices and rents are to be set later, but

rent on 86 of theapartments will be reduced to make themaffordableforqualified low-incomeresidents. Thedevelopmentwould requireabout8,310 construction workers and employ about 3,30 0 people when completed. Since Relatedwas cho- sen in 2004to develop the Grand Avenue Project, it has invested about $240 million, Himmel said, including the completed 12-acre Grand Park and Emerson, an apa rtment building next to the Broad Museum on GrandAvenue. However, Related’s mixed-use Gehry development stalled in thereces- sion of 2007. The developer has repeatedlyreworked the project,changing hotel operators and offering new designs inresponseto de-

mandsfrom elected city offi- cials. In recentweeks, Related secureda new roundof ap- provals for its projectfrom the City Council, thecounty and the successor agency to the Community Redevel- opmentAgencyofLosAnge- les. Guo said that herealizes thatthearrivaloflarge-scale investments from foreign countries sometimes viewed as an adversary in theU.S. may be disconcerting to some, but he said COREex- pectsto stick around for the long term. “We don’tjust want to in- vest, take the money and go,”hesaid.“Wewantto stay and workwithU.S. people to buildgood things.”

[email protected] Twitter: @roger vincent

L.A. project

draws cash

from China

[Project,fromC1]

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