These new uses will add to the notable features that already exist at the top of Bunker Hill, including the Walt Disney Concert Hall, the Cathedral of Our Lady of the Angels, the Music Center, the Colburn School of Performing Arts, and the Museum of Contemporary Art. Also to be improved as part of the project is the existing County Mall, which will be transformed into a 16 acre park stretching from the Music Center at the top of Bunker Hill to City Hall at the bottom of the Hill. The park will become the new "Central Park" of Los Angeles and will be the scene of many citywide celebrations as well as daily events.

The total estimated cost of the project is $2.05 billion, which includes up to 3.6 million square feet of development, the creation of the new park, streetscape improvements as well as outdoor public spaces throughout the development. The public amenities will be funded by private sources and by public funds generated by the project. The project will create 29,000 construction jobs (both on and off-site), 5,900 long-term jobs and will generate over $35.6 million annually in local, county and state taxes.

A joint powers authority, the Los Angeles Grand Avenue Authority, was established in 2003 to implement the project. The Authority unites the County of Los Angeles and the Community Redevelopment Agency of the City of Los Angeles (CRA/LA) in a new governmental entity whose sole purpose is to create this new regional center. The majority of the property on which the new uses will be located is owned either by the CRA/LA or County. The project was initiated by the Grand Avenue Committee, which is a public/private partnership that was formed in the year 2000. The Grand Avenue Committee will assist the Authority as it proceeds with the project. The work of the Grand Avenue Committee is supported by the County of Los Angeles, the City of Los Angeles, the Broad Foundation, the California Community Foundation, and private funding.