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TALE OF THE TAPE

Grand Ave. vs. L.A. Live

February 25, 2007|SWATI PANDEY

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.

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