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Bigger than Time Warner Center? Inside the LA Grand Avenue

Development_palladiumJust as Related Urban Development redefined New York architecture with the Time Warner Center, comes the SCT Newswire announcement that it is developing a 10-acre site at Grand Avenue in Los Angeles into an enormous mixed-use complex featuring retail, office space residential units and hotels.

With yesterday's vote to elect Antonio Villaraigosa as the first Latino mayor since 1892, expect a resurgence of interest in downtown Los Angeles as Villaraigosa enacts his REIT-friendly agenda of streamlining permit processes and offering tax breaks to companies that move to the city. Look to Villaraigosa to explore ways to help subsidize highway infrastructure upgrades, whose city hosts some of the most congested highways and spectacular highway accidents imaginable. The Related organization and nine Related executives had donated a total of $18,000 to Villaraigosa's campaign.

This is a big leg up for Related, whose recent work in California had previously been limited to the development of multifamily housing.

Link: Grand Avenue Committee

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