Grand Avenue Project

Moving to save what has been billed as a cornerstone of downtown L.A.'s revitalization, local officials are considering a proposal that would defer a $250,000-a-month penalty that the Grand Avenue project developer is supposed to start paying Sunday. The hefty penalty was negotiated last year after numerous delays in construction of the $3-billion, Frank Gehry-designed complex. At the time, the developer promised to begin construction by Feb.

The developer of the $2-billion Grand Avenue project announced Friday that a sovereign fund controlled by the royal family of Dubai is investing a significant amount in the Frank Gehry-designed development, which includes residential housing, a five-star hotel and upscale shops and restaurants, all built on publicly owned land. The fund, known as Istithmar, will provide the developer, Related Cos.

The downtown Los Angeles skyline is still dotted with construction cranes, but not as many as developers once promised. More than a third of the approximately 110 residential projects proposed for downtown -- including the 50-story Zen tower on 3rd and Hill streets, the Mill Street Lofts in the industrial district, the multitower Metropolis off the 110 Freeway and the conversion of the former Herald Examiner building -- have been delayed or put on hold amid the rocky real estate market.

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 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.

A Los Angeles County supervisor is raising questions about an oversight panel's scheduled vote Monday to delay construction of the much-watched, $3-billion Grand Avenue project. Related Cos., developer of the Frank Gehry-designed project set to rise across the street from Walt Disney Concert Hall in downtown L.A., said the delay was necessary because of difficulty in obtaining construction loans amid the real estate downturn. It would push the opening of the project's first phase to 2012.

Much has been said about the Frank Gehry-designed Grand Avenue project, from jaded urban commentators bemoaning the project's lack of progress on the ground and taxpayer subsidies to starry-eyed downtown boosters -- myself included, at times -- who see the giant development as a validation of the urban Angeleno lifestyle.

The joint city-county board overseeing the much-delayed, $3-billion Grand Avenue project established financial penalties Monday that the developer must pay if ground isn't broken by February. The action marks the toughest stance yet by city and county leaders overseeing the development of the Frank Gehry-designed residential and commercial complex, which many see as a centerpiece in the revitalization of downtown Los Angeles.

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.