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Grand Avenue Start Delayed; Completion Now in 2012

By Eric Richardson
Published: Monday, April 28, 2008, at 11:01PM
Disney Hall Eric Richardson [Flickr]

The "erector set" parking structure across from Disney Hall had been closed in preparation for construction, but could be reopened.

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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