Grand Avenue Committee – Joint Powers Authority for the City and County of Los Angeles
Hotel, Residential, Retail, Restaurants, Park
KMA is the real estate advisor to the Grand Avenue Committee (GAC) and the Joint Powers Authority (JPA) responsible for implementing the development plan for the ambitious $2.0 billion Grand Avenue urban redevelopment project. KMA provided assistance throughout the developer selection process, including assistance in drafting the Request for Proposals, evaluating the respondents’ qualifications and the economic feasibility of the financial proposals. KMA prepared various evaluation analyses to assist with the developer selection process. Following selection of the Related Companies, KMA advised the GAC and JPA in the business and financial structure which included both ground lease negotiations and the preparation of public revenue projections for tax increment, sales, parking and utility user taxes. The multi-phased development will include up to 3.6 million square feet on nine downtown acres including a 275-room five-star hotel, high-rise residential towers with up to 2,600 residential units with 20% set-aside as affordable units, 450,000 square feet of retail and restaurant space and up to 5,500 parking spaces. The project’s centerpiece, a 16-acre park, will connect the existing Music Center with the Civic Center and will create a central gathering place in the heart of downtown Los Angeles. KMA’s efforts continue with the review of project financial structuring, including the use of various sources of public funding.