Grand Ave. vs. L.A. Live
Two major dueling development projects are remaking the northern and southern ends of downtown Los Angeles. Here’s how they stack up. -- SWATI PANDEY
Grand Avenue
Size: 3.6 million square feet
Cost: $2.05 billion
Start date: October 2007 for Phase I
Planned completion: July 2011 for Phase I; 2018 for final phase
Public or private land: Public
Driving force: Eli Broad
Tax breaks: 20 years of hotel taxes, capped at $60.5 million; and 10 years of parking taxes
Tallest point: 50 stories
Open space: A 16-acre park
Five-star hotel: The Mandarin Oriental
High-end restaurant: Six or seven restaurants in Phase I
Cultural amenities: A large park and a bookstore
Housing units: Up to 2,660
Affordable housing units: Up to 532
Condominiums: 400 units planned for Phase I, but subject to change
Hotel rooms: 275
Jobs estimated to be created: 29,000 in construction, 5,900 permanent direct and indirect jobs, according to the Los Angeles County Economic Development Corp.
Ongoing tax revenue generated: $109.5 million in federal, state and local taxes annually, according to the L.A. County Economic Development Corp.
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L.A. Live
Size: 4 million square feet
Cost: $2.2 billion
Start date: October 2005
Planned completion: 2010
Public or private land: Private
Driving force: Philip Anschutz
Tax breaks: 25 years of hotel taxes, or $62 million; a $5-million Community Redevelopment Agency grant; and a building permit reimbursement of about $4 million
Tallest point: 54 stories
Open space: 40,000-square-foot outdoor plaza
Five-star hotel: The Ritz-Carlton
High-end restaurant: At least eight, including Katsuya
Cultural amenities: A 7,100-seat theater, nightclubs and a movie theater
Housing units: 424
Affordable housing units: 85
Condominiums: 424
Hotel rooms: 1,301
Jobs estimated to be created: 7,500 in construction; 8,000 permanent jobs for L.A. Live and surrounding district.
Ongoing tax revenue generated: No current estimate available.