A Financial Analysis Of L.A.'s Grand Ave. Plan

"The project seeks to add about 400,000 square feet of retail space, as many as 2,600 housing units and a 275-room hotel to the downtown area. Officials hope the project will tie together several downtown landmarks — including Disney Hall, the Music Center, MOCA and the Cathedral of Our Lady of the Angels — into a vibrant pedestrian space where people would live and shop.

...Much of the project is being built on land owned by the county, and Kotin's concerns underscore those of critics who have said the financing plan for Grand Avenue is vague on exactly how much the county would reap from the development.

Under the terms approved by the supervisors, the project's developer, Related Cos., and its investment partners are giving the government agencies $50 million up front as a down payment on the lease of the properties. But that money is expected to be poured back into the development, mostly to fund street improvements and the 16-acre public park between the Music Center and City Hall."

Thanks to Chris Steins