Cra La Buildi Ng Communities Date I Apr 21 2011

of the CITY OF LO S ANGELE S CRA LA BUILDI NG COMMUNITIES DATE I APR 21 2011

-1 1200 West 7th Street Suite 500 F 2 139771665 Los Angeles ' California 90017-238'1 www.crala.org CRA File No. I 4?'11 Council District: 2 Contact Person: David Riccitiello Josh Rohmer (21 3) 922-7837

Honorable Council of the City of Los Angeles John Ferraro Council Chamber 200 N. Sp ri ng Street Room 340, City Hall Los Angeles, CA. 90012

Attention: Sharon Gin, Office of the City Clerk

COUNCIL TRANSMITTAL: Tra nsmitted herewith, is a Board Memorandum adopted by the Agency Board on April 21, 2011 City Council review and approval in accordance with the "Community Redevelopment Agency Oversight Ordinance" entitled:

VARIOUS ACTIONS RELATED TO: GRAND AVENUE PROJECT. PUBLIC HEARING AND VARIOUS ACTIONS TO IMPLEMENT THE DEVELOPMENT OF A MUSEUM, ENLARGED PARKING FAC ILITY, PUBLIC PLAZA, AND MIXED-USE TOWER WITH AFFORDABLE UNITS AS PART OF THE MIXED-USE GRAND AVEN UE PROJECT ON AND ADJACENT TO THE CRA./LA-OWNED PARCELS L & M-2 (221-237 SOUTH GRAND AVENUE) IN THE BUNKER HILL REDEVELOPMENT PROJECT AREA, INCLUDIN G (1) APPROVAL OF A SECOND AMENDED DISPOS ITION AND DEVELOPMENT AGREEMENT AMONG THE LOS ANGELES GRAND AVENUE AUTHORITY ("AUTHORITY"), GRAND AVENUE L.A., LLC, AND BROAD COLLECTION TO MODIFY THE SCOPE AND SCHEDULE OF THE PROJECT, (2) AUTHORIZATION TO TRANSFER PORTIONS OF PARCEL L TO BROAD COLLECTION FOR CONSTRUCTION OF THE ENLARGED PUBLIC PARKING FACILITY, (3) APPROVAL OF A SECOND AMENDMENT TO PARKING FAC ILITY AND MUSEUM DEVELOPMENT AGREEMENT ("PRMDA") WITH BROAD COLLECTION TO CLARIFY VARIOUS DEFINITIONS AND CLARIFY THAT CRAILA BEGIN ACCRU ING NET TAX INCREMENT COMMENC IN G ON JULY 1, 20 12 FOR THE CRA/LA REPURCHAS E PAYMENT FOR THE COMPLETED PARKING STRUCTURE, AND (4) AUTHORIZE THE TRANSFER OF $5,626,000 IN BUNKER HILL REPLACEMENT HOUSING, PROGRAM INCOME, TAX INCREMENT FUNDS AND BOND PROCEEDS TO THE AUTHORITY TO FINAN CE AFFORDABLE HOUSING ON PARCEL M-2 (PHASE II B). DOWNTOWN REG ION (CD9)

RECOMMENDATION That City Council approves recommendations on the attached Board Memorandum. ,.~ CRA LA BU ILDING COMMUNITIES

Page 2 Transmittal

ENVIRONMENTAL REVIEW On November 20, 2006, the Grand Avenue Authority certified the Final EIR for the Grand Avenue Project, made Environment Findings, and adopted Mitigation Measures and a Statement of Overriding Considerations in connection with the approval of the Grand Avenue Project. On February 1, 2007, the CRA/LA Board of Commissioners reviewed and considered the environmental effects of the Grand Avenue Project prior to approving the DDA.

In connection with the DDA First Amendment, (i) the Authority caused a review of the proposed Phase Il A Improvements and the EIR which was approved by the CRA/LA on Ju ly 15, 2010 and the County as responsible agencies and by Authority as the lead agency in connection with the Original DDA, and (i i) the Authority's consu ltant generated an EIR Addendum to comply with CEQA requ irements for the proposed Phase IIA Improvements. The amended Scope of Development proposed by the Second Amended DDA with respect to Phase liB and IIC is less dense than the Scope of Development for the original Phase II . The amended Scope of Development with respect to Phase liB and Phase IIC is with the scope of the previously certified EIR and EIR Addendum. No further environmental review is required for the recommended actions.

Council Member Jan Perry of District Nine is supportive of the project and requests the approval of the CRA/LA Board of Commissioners.

FISCAL IMPACT STATEMENT There is no fiscal impact to the City's General Fund, as a result of this action.

C h risti ~Executive Officer

cc: Sharon Gin, Office of the City Clerk (Original & 3 Copies on 3-hole punch) Lisa Johnson Smith, Office of the CAO lvan ia Sobalvarro, Office of the CLA Steve Ongele, Office of the Mayor Noreen Vincent, City Attorney's Office Jan Perry, CD9 bee: Ras Mallari Nenita Tan, Office of the City Controller Records (2 copies) Tim Chung, City Attorney office David Riccitie!lo Jay Virata Josh Rohmer THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF LOS ANGELES, CALIFORNIA MEMORANDUM I

DATE: APRIL 21, 2011 BH1050 100491 TO: CRA/LA BOARD OF COMMISSIONERS

FROM: CHRISTINE ESSEL, CHIEF EXECUTIVE OFFICER

STAFF: DAVID RICCITIELLO, REGIONAL ADMINISTRATOR JOSH ROHMER, ASSISTANT PROJECT MANAGER

SUBJECT: GRAND AVENUE PROJECT. Public hearing and various actions to implement the development of a museum, enlarged parking facility, public plaza, and mixed-use tower with affordable units as part of the mixed-use Grand Avenue Project on and adjacent to the CRAILA-owned Parcels L & M-2 (221-237 South Grand Avenue) in the Bunker Hill Redevelopment Project Area, including (1) approval of a Second Amended Disposition and Development Agreement among the Los Angeles Grand Avenue Authority ("Authority"), Grand Avenue L.A., LLC, and Broad Collection to modify the scope and schedule of the project, (2) authorization to transfer portions of Parcel L to Broad Collection for construction of the enlarged public parking facility, (3) approval of a Second Amendment to Parking Facility and Museum Development Agreement ("PFMDA") with Broad Collection to clarify various definitions and clarify that CRAILA begin accruing Net Tax Increment commencing on July 1, 2012 for the CRAILA Repurchase Payment for the completed parking structure, and (4) authorize the transfer of $5,626,000 in Bunker Hill Replacement Housing, Program Income, Tax Increment Funds and Bond Proceeds to the Authority to finance affordable housing on Parcel M-2 (Phase liB). DOWNTOWN REGION (CD 9)

RECOMMENDATIONS

That the CRAILA Board of Commissioners:

1. Hold, and request that City Council hold, a Public Hearing pursuant to Health & Safety Code Section 33431 regarding the disposition of portions of the real property located at 221 South Grand Avenue (Parcel L) by CRAILA to The Broad Collection for the development of the expanded Parking Facility as part of the mixed-use Grand Avenue Project Phase IIA; and

2. Request that the City Council acknowledge and approve CRAILA's implementation of the Grand Avenue Project and the Broad Art Museum under the Cooperation Agreement for Payment of Costs Associated with Certain CRAILA Funded Capital Improvements, Public Improvements and Affordable Housing Projects, dated as of March 10, 2011 between the CRAILA and the City of Los Angeles.

That the CRAILA Board of Commissioners, subject to City Council approval:

3. Approve and authorize the CEO, or designee, to consent to the Second Amendment to the Disposition and Development Agreement ("DDA Second Amendment") and ancillary documents by and among the Authority, Grand Avenue L.A., LLC (a subsidiary of The Related Companies and developer of the Grand Avenue Project, SECOND AMENDMENTS , ,J GRAND AVENUE DDA AND PFMDA PAGE2

referred to as "GALA"), and The Broad Collection revising the Scope of Development for Phase II to allow for development of the enlarged parking facility and modified mixed-use project, extending the Schedule of Performance and certain milestones for Phases II and Ill and amending the affordable housing funding provisions for Phase II; and

4. Approve and authorize the CEO, or designee, to consent to GALA's amended assignment and assumption agreement with Broad Collection with respect to certain rights to Phase II under the DDA, as amended in order to permit Broad Collection to construct the enlarged public parking facility on Parcel l; and

5. Authorize the CEO, or designee, to execute the Second Amendment to the Parking Facility and Museum Development Agreement between CRA/LA and the Broad Collection to clarify provisions related to (a) the calculation of Net Tax Increment for purposes of certain CRA/LA payments, (b) fulfilling insurance requirements, (c) the description of the Public Plaza and (d) incorporating certain City requirements; and

6. Authorize the CEO, or designee to execute and deliver Grant Deed(s) and ancillary documents necessary to convey portions of Parcel l to Broad Collection for the development of the expanded parking facility in accordance with the approved Parking Facility and Museum Development Agreement, as previously amended; and

7. Amend the Bunker Hill Project FY2011 budget to transfer $777,700 of Bunker Hill Program Income and Bond Proceeds from budget line item Community Facilities and Programs (BH3091) to budget line item Affordable Housing (BH1050); and

8. Authorize transfer of $5,626,000 in Bunker Hill Replacement Housing, Program Income, Tax Increment Funds and Bond Proceeds to the Authority for a loan to GALA (or its subsidiary) to fund affordable housing in Phase liB in accordance with the DDA, as amended and the previously approved Conveyance and Funding Agreement, as amended.

SUMMARY

The recommended actions will facilitate the development of the Grand Avenue Project. On April 11, 2011, the Grand Avenue Authority ("Authority") approved the DDA Second Amendment for the Grand Avenue Project, which allowed GALA to divide Phase II of the Grand Avenue Project into Phase IIA, comprised of the Broad Museum, expanded parking facility, and public plaza; Phase liB, proposed as a mixed use high-rise tower; and Phase IIC, a future residential structure to be built atop the roof of the extended parking facility. Together, these three phases constitute the entirely of the originally envisioned .Grand Avenue Phase II. The DDA Second Amendment also extends the commencement of construction dates for Phases II and Ill, and provides a method for the Authority to receive funds from CRA/LA to finance affordable housing units in the project.

The CRA/LA Board's January 20, 2011 approval of the First Amendment to the PFMDA ("Amended PFMDA") between CRA/LA and The Broad Collection facilitated Phase IIA by authorizing an expansion of the parking facility to cover the entirety of Parcel L, whereas the original PFMDA contemplated a garage that covered approximately two-thirds of the Parcel. The proposed action authorizes the conveyance of an airspace parcel spanning Parcel l up to the elevation of Upper Grand Avenue to Broad Collection for construction of the expanded parking facility, to be repurchased by CRA/LA upon completion. This action would also amend the PFMDA and the amended PFMDA dated as of January 26, 2011, to clarify and reconfirm the parties' understandings regarding the intent and application of Section 7.15 of the PFMDA SECOND AMENDMENTS 1 0 GRAND AVENUE DDA AND PFMDA PAGE3 and with regard to insurance requirements and Section 8.5 of the PFMDA with regard to payment of the Repurchase Price.

In addition, CRA/LA proposes to subsidize residential affordability in Phase liB with the contribution of $5,626,000 to be deposited with and disbursed by the Authority to GALA during construction through a 55-year residual receipts loan. The Second Amended DDA accordingly amends the Affordable Housing Funding provisions to provide that the CRA/LA will deposit $5,626,000 in CRAILA affordable housing funds with the County Treasurer to hold for the Authority to disburse in accordance with the DDA, as amended and the CFA, as amended. This action would authorize the transfer of such Bunker Hill Replacement Housing, Program Income, Tax Increment Funds and Bond Proceeds to the Authority for disbursement.

PREVIOUS ACTIONS

February 1, 2007 - Board and subsequent Council approval of the EIR, DDA, ground leases, and various legal agreements for the Grand Avenue Project (Council File #07-0332.)

July 15, 2010 - Board and subsequent Council approval of property disposition and CRA/LA investment toward the development of a museum and parking facility as part of the mixed-use Grand Avenue Project (Council File #1 0-1256.)

January 20, 2011 - Board and subsequent Council approval of First Amendment to the Parking Facility and Museum Development Agreement (Council File #1 0-1256.)

DISCUSSION & BACKGROUND

Project Description Grand Avenue Phase IIA includes the expanded 370-space parking facility, 120,000 square foot museum, 24,000 square foot public plaza built over General Thadeus Kosciuszko Way ("GTK Way"), and streetscape improvements on Grand Avenue between Second and Third Streets, as described in the Amended PFMDA. CRAILA has engaged Diller Scofidio + Renfro, the architect of the Broad Museum, to prepare conceptual designs for the Phase IIA public improvements. Construction activities will begin on Phase IIA in May 2011.

Phase liB is currently proposed by GALA as a 20-story, 260-unit residential tower, with approximately 250,000 square feet of residential space, between 7,000 and 19,400 square feet of ground floor retail/restaurant space, and on-site structured parking accommodating 260 parking stalls. An additional 36 parking stalls for use by retail patrons, affordable residential tenants, residential guests, and staff will be provided in the Parcel L parking facility. The Phase liB project on Parcel M abuts the GTK public plaza, across from the Broad Museum, and will act as the plaza's southern boundary. The Phase 118 tower has a 30-month construction period, with construction to begin no later than October 2012. Residential units include studios, one and two-bedroom units, 20% (52 units) of which will be restricted through 55-year covenants for rental to low-income households earning less than 60% of area median income ("AMI"). The other 80% of the project will be rented at market rates.

The Developer currently contemplates the Phase IIC development as a residential tower of at least 6 stories, containing approximately 50 for-sale condominium and/or rental units and a small amount of accessory commercial space at the level of the GTK Plaza, built atop the portion of the enlarged garage that extends into the rear potion of Parcel L. The Phase IIC development has an October 1, 2016 deadline for commencement of construction. SECOND AMENDMENTS 1 .J GRAND AVENUE DDA AND PFMDA PAGE4

DDA Second Amendment The DDA Second Amendment amends the Original and Amended DDA to reflect current development plans including the Broad Museum, the GTK public plaza, and the proposed mixed-use residential structures in Phase liB and Phase IIC. As approved by the Authority on April 11, 2011, the Second Amendment to the DDA contains the following major provisions:

• Redefines the "Garage Airspace Parcel" by including additional airspace over the rear portion of Parcel L to allow Broad Collection (Phase IIA Developer) to construct a larger parking facility. Broad Collection (Phase IIA Developer) will also be allowed to construct (i) the enlarged parking facility, (ii) certain Grand Avenue Streetscape Improvements and (iii) the public plaza.

• Allows the CRA/LA to convey the additional airspace over the rear portion of Parcel L directly to Broad Museum to construct the enlarged parking facility by removing the Phase IIA Parcels from the definition of "Authority Parcels".

• Consents to the Expanded Phase IIA Assignment wherein GALA assigns to Broad Collection (Phase II A Developer) the right to construct the enlarged parking facility over the entirety of Parcel L.

• Allows GALA to divide their portion of Phase II (on L and M-2) into two phases, Phase liB and tiC, and downsize the project by amending the Scope of Development.

• Extends commencement of construction date for Phase II from September 16, 2012 to October 1, 2012 by amending the Schedule of Performance.

• Extends commencement of construction date for Phase Ill from March 16, 2014 to October 1, 2016 by amending the Schedule of Performance.

• Extends the dates that Developer must pay the Leasehold Acquisition Fees for Phases liB and IIC to June 16,2011 and for Phase Ill to March 16, 2012, but deletes any further extensions.

• Amends Affordable Housing Funding provisions to: (a) allow the County Treasurer to hold the Broad Collection payment of $7,700,000 on behalf of the Authority for disbursement to GALA for affordable housing and (b) provide that the CRA/LA will deposit $5,626,000 in CRA/LA affordable housing funds with the County Treasurer for the Authority to loan to GALA for Phase liB affordable housing in accordance with the DDA, as amended.

The $5,626,000 of CRA/LA Bunker Hill funding for affordable housing is comprised of $100,000 per affordable unit, adjusted from 2007 per the Consumer Price Index. Once transferred to the Authority, these funds will be disbursed to GALA as a 55~year residual receipts loan, bearing 3% annual interest, using the standard CRA/LA loan instrument.

Additionally, implementation of the Phase liB housing development will release a portion of the $26 million allocated of State Proposition 1C funds for use in constructing improvements at the 16-acre Civic Park. The 260 market rate and affordable housing units should yield between $8 and $9 million of such funds for park improvements.

PFMDA Amendments The PFMOA provided for CRAILA funding of Covered Costs totaling $8 million to Broad Collection for costs associated with construction of the public parking facility. These funds have SECOND AMENDMENTS 1 0 GRAND AVENUE DDA AND PFMDA PAGES already been disbursed. The First Amendment to the PFMDA authorized an additional $14 million payment to Broad Collection for Additional Covered Costs incurred as a result of the expansion of the scope of work to include a larger parking facility, the public plaza and streetscape improvements. Such payment can be disbursed once construction commences. Future payments to Broad Collection beyond these Covered Costs payments will begin upon CRA/LA repurchase of the completed Parking Facility, out of annual Bunker Hill Net Tax Increment receipts. This action proposes to clarify that accrued Net Tax Increment, less outstanding obligations and administrative costs, received in the fiscal year following the execution date of the Second Amendment of the PFMDA, but prior to the repurchase date, is payable to Broad Collection upon repurchase. The maximum payment of the Repurchase Price as approved in the First Amendment to the PFMDA remains $52 million.

One of the purposes of the PFMDA and First Amendment to the PFMDA was to encourage Broad Collection to build its museum downtown on Grand Avenue and to finance and build facilities for the benefit of the region. One mechanism for doing this was to facilitate the CRAILA's repurchase of the Parking Property from Broad Collection after construction of the Parking Facility is complete and a Certificate of Occupancy is issued and to partially reimburse Broad Collection for costs incurred in connection with the construction of a public plaza and streetscape improvements. Under the First Amendment to the PFMDA, the CRA/LA payment for the Parking Property is to be provided as follows: CRAILA will be credited for the $8.0 M advance already made for Covered Costs; CRA/LA will be credited $14.0 M for its additional payment for Covered Costs (expected to be disbursed within 30 days of commencement of construction); and Bunker Hill Tax Increment received by the CRAILA will begin accruing or paying from the Repurchase Date, when the Parking Property is conveyed from Broad to CRA/LA. The proposed Second Amendment amends certain definitions to clarify that the Net Tax Increment proceeds will begin accruing as of the first fiscal year following the execution date of the Second Amendment to the PFMDA, July 1, 2011, and will be exclusive of certain administrative costs. Uncommitted Fiscal Year 2011 tax increment carryover from Bunker Hill is also eligible for repayment.

The Second Amendment revises the definition of the Public Plaza to remove reference to a 16,000 square foot temporary plaza that was to be constructed atop the extended parking garage adjacent to the 24,000 foot plaza in the airspace above the General Thaddeus Kosciuszko Way public right of way. The Grand Avenue Committee has determined that such a temporary public space would not conform to the Grand Avenue Phase II Scope of Development.

The proposed Second Amendment also includes an acknowledgment and clarification on how Broad Collection may meet its obligations under the Original agreement with regard to 1) Commercial General Liability Insurance, 2) Earthquake Coverage, and 3) Professional Liability Insurance.

SOURCE OF FUNDS

Bunker Hill Replacement Housing, Program Income, Tax Increment Funds and Bond Proceeds.

PROGRAM AND BUDGET IMPACT

Approval of this item will amend the Bunker Hill Project FY201 0-11 budget and work program to transfer $777,700 of Bunker Hill Program Income and Bond Proceeds from budget line item Community Facilities and Programs (BH3091) to budget line item Affordable Housing (BH1050). A total of $4,009,900 is currently budgeted in budget line item Affordable Housing (BH1050). The balance of $838,400 will funded in the Bunker Hill FY2011-12 budget and work SECOND AMENDMENTS 1 0 GRAND AVENUE DDA AND PFMDA ·. PAGE6 program.

Sufficient funds exist to make any legally required State ERAF payment in FY2011. There is no impact on the City's General Fund.

ENVIRONMENTAL REVIEW

On November 20, 2006, the Grand Avenue Authority certified the Final EIR for the Grand Avenue Project, made Environmental Findings, and adopted Mitigation Measures and a Statement of Overriding Considerations in connection with the approval of the Grand Avenue Project. On February 1, 2007, the CRAILA Board of Commissioners reviewed and considered the environmental effects of the Grand Avenue Project prior to approving the DDA.

In connection with the DDA First Amendment, (i} the Authority caused a review of the proposed Phase IIA Improvements and the EIR which was approved by the CRAILA on July 15, 2010 and the County as responsible agencies and by Authority as the lead agency in connection with the Original DDA, and (ii) the Authority's consultant generated an EIR Addendum to comply with CEQA requirements for the proposed Phase IIA Improvements. The amended Scope of Development proposed by the Second Amended DDA with respect to Phase liB and Phase ltC is less dense than the Scope of Development for the original Phase II. The amended Scope of Development with respect to Phase liB and Phase IIC is within the scope of the previously certified EIR and EIR Addendum. No further environmental review is required for the recommended actions.

Council Member Jan Perry of District Nine is supportive of the project and requests the approval of the CRAILA Board of Commissioners. ·

Christine Essel Chief Executive Officer

By: ~~ Chief Operating Officer

There is no conflict of interest known to me which exists with regard to any CRA/LA officer or employee concerning this action.

ATTACHMENTS

Attachment A: Location Map Attachment 8: Grand Avenue Phase II Conceptual Site Plan and Rendering Attachment C: Project Summary Report ATIACHMENT A: Site location Parcels land M2 221-237 South Grand Avenue

Bunker Hill Redevelopment Project Area

1ST ST.

2ND ST. .tilt a o . 221 and 237 South .~ GEN. T. .!KOSCIUSZKO WY. Grand Avenue .~ ·...... !:f.; 1:1 o~~•" a Ill_......

3RD ST.

.....,~ ~ ~ < ..,__:; ~ 0 ""',.,; ..,.., '::2 ...., ~ ...., t::i ..... =z ,....., ""'"' ::s:0 ...... 8= ...... """"'0 ;;a :::l ..... -. ~ C) 0 =~ 4TH ST. !ATTACHMENT B: Site Plan and Renderings J

65'-0" 108'-0" 189'-0" SITE PLAN

GENERAL THADDEUS KOSCIUSZKO WAY Parcel M is located along rhe western por (6ELOW) tion of the Plaza development across from HOPE STREET the proposed Eli Broad Museum. The par cel spans between Grand Avenue and Hope Street.

The main pedesrrian and vehicular entrance w the development will be from Grand Av enue and the Museum Plaza. The Museum Plaza is approximately 35 feet above Hope I Street with views out towards the Hol lywood Hills and back towards Pasadena. I SITE MASSING LOOKING NORTH On the Northeast side of the project 2nd I Avenue slopes down from Grand Avenue it I PARCEL to Hope Street. Immediately across 2nd av N I PLAZA enue is rhe Disney Opera House. ;::; I M I Parcel M is approximately 2B,OOO square I feet in area. The proposed development will I be approximately 200 feet in height above the Museum Plaza. The proposed museum I is approximately 60 feet in heigh< above che I Museum Plaza. I - I '---"'"""---'------'----'

GRAND AVENUE

VlEWS VI EVIlS OO~E TOTH.E NORTHwe:s-r NORTH EAST SITE MASSING LOOKING SOUTH

Ill RELATED GRANTPRICE MUSEUM PLAZA COMPLEX GRANT PR!CEARCH:f1"E.CTS, INC. 1551 SOUTH ROSERTSON BOULSVARD LOS ANGELES CA 90035 T 310 553- 1959 v..,...-,.,._gparch~.c:om HELECOPTER PAD

PROGRAM DIAGRAMS

Pared M will include three levels of park ing below the Museum Plaza, with direct access off of Grand Avenue and Lower Grand Avenue. A dedicated elevator core will give direct access from the parking to 19 FLOORS OF APARTMENTS rhe Plaza Level Lobby.

The Museum Plaza Level will include ap proximately 18,000 square feet of space consisting of res[aurant and cafe, residen tial amenities, a terrace garden pool and fit ness club, and a resident party room. FITNESS Above the Plaza Level there will be twenty floors of apanmems consisting of one and ROOFTOP GARDEN two bedroom units.

LEVEL RESTAURANT LOBBY

RRELATED GRANTPRICE MUSEUM PLAZA COMPLEX GRMJT PRlCE ARCHilEClS, !NCC 1551 SDUTH ROBERTSON BOULEVARD LOS ANGELES CA 90035 T 310 553 1959 \-1/W"W,gparchs.com MUSEUM PLAZAARCADE

The museum plaza arcade has been de signed to create a friendly Pedestrian rela tionship ro rhe Plaza. AE wirh all arcades they allow for people to get in under cover from the hot mn or rain showers and at rhe same time allow retail merchams w creare a nice .seating area thar would orherv.rise be open and unprotected.

Ar che same rime, from an architecmral scandpoim, rhe use of an arcade allows for open transparent sheers of glass ro be used char are protected from heat gain.

Ill RELATED GRANTPRICE MUSEUM PLAZA COMPLEX GRANT PRJCE ARCHITECTS, ~NC. 1551 SOUTH ROBERTSON BOLJLE::VARO LOS ANGELES CA 90035 T 310 -553 1959- ',II'J..I'N.gpa,chs ..com PROGRAM DIAGRAMS

Parcel L will include rhree levels of park CONDOMINIUM LEVEL 6 ing below the Museum Plaza, wirh direct access off of Hope Street and Lower Grand Avenue. A dedicated elevator core will give dedicated access from the parking to the condominiums and The Museum Plaza. The Museum Plaza Level will include ap proximately 12,000 square feet of space CONDOMINIUM LEVEL 4 consisting of retail, resident amenities, and condominiums.

Above the Plaza Level there will be live CONDOMINIUM LEVEL 3 floors of condominiums consisting of one and two bedroom unirs.

LEVEL2

PRQGMM LEGEND

- CONDOMINIUMS 1'2PARKING li'''f:·'si?l RETAIL I AMENITIES

-PARKING

II RELATED GRANTPRICE MUSEUM PlAZA COMPLEX GRANT PRICE ARCHITECTS. INC. 1551 SOUTH ROBERTSON BOULEVARD LOS ANGELES CA90035 T 310 5531g59 1/'J\oVW.gparchs.com THE GARDEN PASSAGE

The passage between the Museum and the Condominiums is intended to be a private area for rhe condominium owners. The space has been designed robe a private gar den that is peaceful and relaxed. This will give the Condominium owner a retreat from the face paced lif.,;tyle of living in downtown Los Angeles.

The delicate canopy shading of the trees, the use of private fire pits and seating areas will bring a sense of tranquility to the space. The Garden Passage wi!l also enhance the quality of the condominiums looking out into the Garden Passage.

SKYVIEW (SECTION) wi~h an upp~r i.:ovd .<;:('..t ba.c::-k rhe pa.ss:~g.r: will open up ilie sky vie-w more-

INTERIOR GARDEN VIEW

IF. RELATED GRANTPRICE MUSEUM PLAZA COMPLEX GRANT PRICE ARCHITECTS. JNC. i 551 .SO LiTH ROBERTSON BOULEVARD LOS ANGELES CA S0035 T 310 553 19-59 ~.o,rw'"".-iJParchs.corn CRA/LA PROJt:.CT SUMMARY REPORT BUilDING COMMUNITIES

DOWN'tOWN REGION . . ;

GRAND AVENUE PROJECT

Board Item Number: Community Benefits Board Date: 4/21/20t1 o Area Beautification ~ Catalytic project Project Location • Construction Local Hiring South side of 1st St between Grand Ave and & e Creation of a Permanent Supportive Housing Hill St; West side of Grand Ave between 2nd Revolving Loan Fund. and 3rd Streets. • Enhanced Pedestrian Environment Proposed CRAILA Action • Increase Commercial I Retail Shopping Opportunities Public hearing and various actions to implement the development of a museum, enlarged parking • Increase Supply of Housing Stock facility, public plaza. and mixed:use tower with Strategic Plan Goals Met

affordable umts as part of the m1xed·use Grand 0 1.1.1 • Create 40,000 construction career-path Avenue Project on and adjacent to the CRAILA· jobs. owned Parcels L • 1.1.2. Invest in projects and programs to Additional Information provide 2,000 family·supporting permanent N/A jobs. • 2. 1.1 · Complete construction of at least 5,500 Elected Officials units of affordable housing in Redevelopment • Council District 9, Jan Perry Project areas. o County Supervisor District 1, Gloria Molina 2.2.1 • Create at least two publicly-accessible ~ State Senate District 22, Kevin De Le6n green open spaces in CRAILA neighborhoods • Congress District 34, Lucille Roybai.AIIard every year in ... • Assembly District 46, John A. Perez CRA/LA Policies Applied Project Description • Construction Jobs Local Hiring Program Map:s created by CRMA GIS Taam Three--phased, mixed-use development of CRAJLA Policies Not Applied parcels owned by CRAILA and LA County includes in Phase I: residential units (with 20% affordable), a S·star hotel (Mandarin Oriental). commercial space, streetscape improvements Total Project Size (sq ft): 284,000 along Grand Ave, as well as the Civic Park. Commercial. Retail (sq ft):. 284,000 Phases 11 and Ill (subject to exercise of certain development options) will include a large residential development, with 20% of the Estimated Jobs Created: units designated affordable, and commercial (and potentially office) space. Construction Jobs (est.): t2,726 Permanent Jobs (est.): 5,900 Project Type Mixed Use Construction Category: New Construction Total DevelopmentC~sts ~DC): $2 billion Project Features: CRAILA lnvestmerit: $50 million • fl.-Star Hotel • Affordable Housing CRAiiJi. ltwestmerit% ofTDC: 2.44% • Market Rate Housing • Mixed Income ·. 49o • Mixed Use Total Housing linlts: • Parks I open space Market Rate:: 392 • Retail •Managefs uriit(s):. ·. .1 Developer I Participant(s) Developer.· The Related Companies ·. Total Afford a~ Ia Housing units: 97 HcoVery Low rric

Scheduled Activities: ProjectiD: t 00028 Data Last Updated: 2128/2011 Objective Code(s): BH1050, BH3090 Agreement Type(s) Report Generated: 4/61201t Assianment and A.<:;.sumofiDn