Grand Ave. Project New Joint Investor Approved

Second of two foreign investors joins developer

So far, all ayes are on Grand Ave. Developer Related Companies $2 billion Grand Avenue Project has found more financing and can again tease downtown waiting for its new iconic tower, but there’s a warning that the project no longer amazes those waiting line for the new attraction. Yes, the natives are restless for Geary Land and new investor Honua, a collective of Korean Insurance firms, have been swept through approvals so far.  City of Los Angeles Community Redevelopment Agency? All ayes. Los Angeles County Board of Supervisors? Ayes.

Related will be responsible for day-to-day operations of the 3.6-million-square-foot development that will span three city blocks on two city parcels and two county parcels near the Walt Disney Concert Hall.

If Related defaults, the two foreign investors Istithmar or Honua––or a subsidiary–can opt to replace them as the developer.

If Related is unable to secure a loan and begin construction by February, the company must pay a $250,000 monthly penalty to both the city and county. If Related is unable to obtain a loan by 2011, the city and county will have the option to renegotiate or cancel the contract.

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