Grand Avenue Start Delayed; Completion Now in 2012
Eric Richardson
[Flickr]
The "erector set" parking structure across from Disney Hall had been closed in preparation for construction, but could be reopened.
DOWNTOWN LOS ANGELES — The Downtown News reported this afternoon (and the Times followed four hours later) that the start of construction on the Grand Avenue Project has been delayed due to problems securing a construction loan. Construction is now said to be scheduled to commence in February of 2009.
That the project would run into money issues is hardly surprising. In January we reported on Frank Gehry's comments at an L.A. Phil event, in which he said that, "Money is not available and the developer is in denial."
Related had previously denied that the project's completion date would be affected by variances in the start date. Today's reports push the project's finish to 2012.
While delays are never good news, this one isn't likely to turn into anything more. The financing market is in the tank and has been for months now. As it always does, that market will eventually come around and hopefully the project will be ready to hit the ground running at that point.
The LA Business Journal pins the delay on the need for full construction drawings before a construction loan can be secured.
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tornadoes28 on April 29, 2008, at 12:48PM – #1
This is a no brainer. Everyone should have seen this coming. The overall economic issues, housing slump and credit crisis is fairly serious. It's not surprising that this project is delayed.
JDRCRASH on April 29, 2008, at 12:49PM – #2
It's pretty safe to say it won't be long before this project is dead.
I've completely given up on this one, and I suggest the rest of you do the same.
John on April 29, 2008, at 04:52PM – #3
I think the way the economy is going it's still a good time for them to walk away from this.
Juanito on April 29, 2008, at 08:56PM – #4
Really, I can't understand why the L.A. Conservancy hasn't filed suit to block demolition of the parking structure. After all, it's been around for so long, so many passenger windows of cars of Music Center Mavens have been broken by smash and grabbers
Let's hope the deal goes south. Then, Eli can finally build a museum to house his own collection. Dang, it sure would be interesting to see what Renzo Piano could do, across the avenue from Disney Hall.
Metro Local on April 29, 2008, at 11:39PM – #5
Maybe a modern courthouse will get built and the entire Mosk building and park will get their much needed redo -- but then no one would get to enjoy the tax breaks the developer seems to be clinging to as this project circles the drain.
j on May 03, 2008, at 01:01PM – #6
I'm not surprised. They tried to load everything into one basket instead of phasing it modestly first with the residential elements with ground floor retail along Grand and First Streets, with the grocery store on Olive/2nd. That way there's more money for Phase 2 and 3 to put the hotel, office and commerical office space that we'd relocate here from the county buildings and courthouse. The disposable money retail (Apple Store, Gap, Sharper Image, etc should be located AT the Subway station Portals (one for the Red Line the other for the future Regional Connector)