Grand Ave. Detour
April 29, 2008
For those of you still wondering about the Grand Ave. project, a new update from the LA Times has revealed that the $3-billion dollar effort has had difficulty obtaining construction financine. The new projected finish date for the first phase of the project is 2012. I guess we will all be seeing a light rail system on the Eastside before Bunker Hill gets a face lift.
The developer of the Grand Avenue project in downtown Los Angeles said Monday that completion of the $3-billion redevelopment effort will be delayed until 2012 because of difficulty in obtaining construction loans amid the real estate downturn.
The Frank Gehry-designed high-rise project is seen as a linchpin in downtown’s revitalization, and the delay is the latest sign that the loft and condo craze in the city center is cooling off.
