L.A.'s Grand Avenue Project Approved
"Elected officials and other backers of the Grand Avenue project described the vote as a turning point for Los Angeles, whose civic leaders have tried for decades without success to establish a central cultural hub downtown that would draw people from throughout the region."
"The $2.05-billion Grand Avenue project would be the largest single development in downtown history, and would be built almost entirely on public land that would be leased for 99 years to mega-developer the Related Cos. It has few if any equals in the region, in part because of the complexity and scope of the private-public partnership."
"The project also has emerged as Los Angeles' most ambitious effort to create dense, high-rise residential developments next to rail lines, offices, cultural attractions and shopping."
"Though some consider the project a model for 'smart growth' aimed at encouraging people to walk and use mass transit rather than drive, others see it as a tax giveaway that is not in the interests of local government."