LOS ANGELES--(BUSINESS WIRE)--Eli Broad, chairman of the Grand Avenue Committee, announced today that Nelson Rising has agreed to succeed him as chairman of the committee.
“Now that the city and county have approved the Grand Avenue project, as the project enters its development phase, it is only appropriate that Nelson Rising, with his distinguished background in development, become the committee chair,” said Broad, who will join Antonia Hernandez as co-vice chairs of the committee. “I am immensely gratified to see this vision for a vibrant Downtown Los Angeles become a reality.”
“It has been my privilege to serve as co-chair through the start-up phase of Grand Avenue, and I am looking forward to working with The Related Companies as this project takes shape,” Rising said. “This remarkable project will change the landscape of our region and will draw visitors and residents alike to our city center.”
The Los Angeles County Board of Supervisors and the Los Angeles City Council voted last month to approve the $2 billion Grand Avenue project. The nine-acre development will include 3.6 million square feet of development, 450,000 square feet of retail, a 16-acre park, a 275-room luxury hotel and up to 2,600 residential units. The project is expected to generate $615 million in annual business revenue, 29,000 construction jobs and 5,900 permanent jobs.
The first phase of the project is scheduled to begin construction later this year and will include a 50,000-square-foot specialty food market, a major bookstore, food hall, 35,000-square-foot premier health club, and a number of boutique and signature retailers and world-class restaurants.
The project is being developed by The Related Companies, and the first phase is being designed by architect Frank Gehry. An iconic 48-story tower directly across the Gehry-designed Walt Disney Concert Hall will be the architectural centerpiece of Grand Avenue.
Rising had been co-vice chairman of the Grand Avenue Committee since 2005. With more than 35 years of experience in the real estate industry, Rising was most recently chairman and CEO of Catellus Development Corporation. Under his leadership the company was responsible for renovation of the historic Union Station in downtown Los Angeles and the creation of the largest mixed-use development in the history of San Francisco. Previously, he was a senior partner of Maguire Thomas Partners, where he oversaw major Los Angeles projects including the Library Square development, which led to the restoration of the city’s historic central library, and construction of the tallest building on the West Coast, the 73-story Library Tower.
Broad is a renowned business leader who built two Fortune 500 companies from the ground up over a five-decade career in business. He is the founder-chairman of SunAmerica Inc. and KB Home. Today, Broad is a full-time philanthropist. He and his wife, Edythe, founded The Broad Foundations, a national philanthropy based in Los Angeles that is focused on entrepreneurship for the public good in education, science and the arts.
The Los Angeles Grand Avenue Authority is a Joint Powers Authority formed by the County of Los Angeles and the Community Redevelopment Agency in 2003 to implement the project. The project was initiated by the Grand Avenue Committee, which is a public/private partnership that was formed in 2000.