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Korean firm invests in Grand Avenue project

October 15, 2008|Cara Mia DiMassa | Times Staff Writer

The developer of the massive Grand Avenue project in downtown Los Angeles said Tuesday that it had secured an additional financial partner for the long-delayed project.

The Korean investment firm Honua Group will invest $100 million in capital funds in the first phase of the project, which has been subjected to a series of delays as the credit market has tightened.

If the project does not secure a construction loan and break ground in February, the developer, Related Cos., must pay a penalty to the city and county, which own the land where the project would be built.

The investment firm is the second foreign group to invest in the public-private development. A fund controlled by Dubai's royal family put $100 million into the project earlier.

The new investor must be approved by the Community Redevelopment Agency, the county Board of Supervisors and the joint city-county board overseeing the project.

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cara.dimassa@latimes.com

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