The highly anticipated mixed-use Grand Avenue project in downtown L.A. has just secured $100 million in funding. This new funding is expected to kickstart the project's construction, which has been delayed for months.
"Armed with $100 million from Dubai and a refined design plan, officials Monday said construction will finally begin next month on the Frank Gehry-designed residential and shopping plaza along Grand Avenue that is considered a linchpin to downtown L.A.'s revitalization."
"The announcement comes after months of delays and questions about the viability of such a massive development in the midst of L.A.'s real estate slump."
"The investment from Dubai gives the developer, Related Cos., the money needed to secure construction loans -- allowing it to finally tear down a parking structure across from the Walt Disney Concert Hall, where the first phase of the development will be built. The $2-billion plan calls for shops, condo towers and a boutique hotel -- as well as a civic park -- on city and county land on Bunker Hill."
"Construction was expected to begin last fall, but the time required for design development and project approvals caused delays."
"A lot is riding on the project. Grand Avenue is seen by downtown boosters as a way to bring night life and an upscale feel to the city center."