Grand Ave Funding Approved
DOWNTOWN LOS ANGELES — Downtowners will (almost) be ecstatic when they read today's Los Angeles Times story that says according to officials construction for phase one of the Grand Avenue project will begin next month. With ongoing delays the project seemed shrouded in mystery, but reporter Cara Mia DiMassa writes "doubts were eased Monday when the government agency overseeing the redevelopment approved the investment of Istithmar.”
With the funding controlled by the royal family of Dubai green lit, the demolition of the parking structure across from Disney Hall can now begin, making room for first phase of the Frank Gehry-designed project.
Bill Witte, chief executive of Related California, also told the Times it was hopeful that a proposed design for the Civic Park, also part of phase one, would presented in April. Landscaping and public art components “are still in the works” and will be "under consideration" in May by the Grand Avenue Authority.
A ground breaking date was not announced.
Bert Green on March 18, 2008, at 02:43AM – #1
The weak dollar makes these investments a bargain for international funders. If downtown attracts more of this type of money, the downturn could bypass us.
I'm not a big fan of the Grand Ave project, because I think it is really a mall, but this is still good news.
David Kennedy on March 18, 2008, at 09:17AM – #2
I've always wondered how many of the redevelopment dollars in downtown are from out of town, out of state and out of the country. My sense is it is outsiders who see the investment potential for downtown. They can look at things more objectively. I wish the L.A. Business Journal or the Downtown News would do some investigation on this. I'd love to know.
Jeremy R on March 18, 2008, at 09:20AM – #3
Is the construction loan signed, sealed, and delievered?
Until the loan is official, I dont care.
Eric Richardson (@blogdowntown) on March 18, 2008, at 09:50AM – #4
David: Of course Downtown's last boom was driven by foreign capital, then Asian.
Urban Bruin on March 18, 2008, at 12:13PM – #5
An L.A. Times article shows that many of the new Koreatown developments are funded impart by oversea investments. Like Bert said, with our weak dollar investments here in the states are very attractive.
http://www.latimes.com/news/local/la-me-wilshire11mar11,0,3502197.story?page=1
John Crandell on March 19, 2008, at 01:37AM – #6
At the west end of the mall, it will be interesting to see how the designer's handle the transition up to Grand Avenue. It's a great opportunity; one hopes that they don't blow it.