Grand Avenue Project Breaks Ground, Expected To Generate 10K New Jobs

DOWNTOWN LOS ANGELES (CBSLA) — Architect Frank Gehry, billionaire philanthropist Eli Broad and civic leaders on Monday held a ceremonial groundbreaking for The Grand, a long-delayed massive development on Grand Avenue in downtown Los Angeles.

When it's done, developers say The Grand will boast retail, residences and a hotel. The project will also feature public open space along Grand Avenue between First and Second streets.

Gehry has drawn up iconic institutions in L.A. such as Walt Disney Concert Hall and The Broad museum.

"No city in the world has such great architecture within four blocks," said Broad. "And today we're adding the crown jewel -- The Grand by Frank Gehry."

The development is scheduled to open to the public in 2021 and is expected to generate some 10,000 new jobs.

(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)