Grand Avenue project delayed -- again

The off-again, off-again ground-breaking for the big Grand Avenue project in downtown Los Angeles has been delayed again. Now delayed until early 2009, if construction financing can be arranged. That is a big "if."

From LATimes.com: "The developer of the massive Grand Avenue project 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. ... Bill Witte, head of Related California, said he now believes that construction will begin in the first quarter of 2009 and emphasized that the project is not in jeopardy."

From LA Downtown News: "Initially, Related intended to begin construction on the project in October 2007, but the schedule has been pushed back multiple times." The delay is a new lease on life for a previously doomed parking garage that was closed and scheduled to be demolished last month, but is now likely to reopen, LA Downtown News reports.

Thoughts? Comments? E-mail story tips to peter.viles@latimes.com.

Comments

[happy jack]

The world ends on

December 21 2012

google it if you do not believe me.

That is when the planets line up and our system is at the center of the milkyway galaxy and that is the day the

sun makes the earth wobble for a few days

so why bother ?????

I wonder if we will be rescued in time, I wonder if we can stop it ?

[John S]

You would think that Related Co would be more skilled in navigating through difficult markets. Delays , promises, more delays, tie up the land, create a bare bones park that looks hideous in the drawings. Downtown deserves better. Heard they are pursuing the Mangrove site in Little Tokyo too. Don't they have enough problems to sort out before trying to lock up more of the CIty's land????

[John]

Will the groundbreaking occur before the Angel's Flight funicular reopens?

And some people wonder why we Westsiders think downtown is ridiculous and overpriced.

Those folks from Dubai that have dropped $100 million on the project must be a little upset.

This is EXACTLY why we don't need to fear foreign investors, they can't exactly pick up Grand Ave. and take it home with them.

[Keith]

Only in LA do civic improvements depend on real estate bubbles. Get a real city.

[Tombstone Realty]

Wow. I'm so sad....

If there's one thing LA needs more than anything, its more unaffordable housing. Shame, City Hall, Shame!

[William Jones]

This delay is actually good news because if it lasts until 2010 that means there can be another "Downtown Renaissance" in that decade. There seems to be one about every decade - in the 70's the emphasis was on big office developments (ARCO Towers) with underground retail. In the 80's there was condo/apartment development, with artist's lofts that no real artist could afford. The 90's were kind of lean economically, but the buzz word survived. In the 00's we've had the condo boom and some behemoth apartment buildings that have a fortress-like design. We're on track for another one in the 10's.

No one wants to talk about the fact that Downtown LA is a TERRIBLE place to live. There is no major park there, and if there were it would quickly be over-run by the homeless and chemically dependent. Schools in the surrounding community are a cruel joke to immigrant families trying to better their lives. The sidewalks roll up early. The whole Downtown Renaissance is just a photo op for grinning politicos and another way for out of town lenders to lose money. Other than a chance to go to high-priced sporting events and concerts (far out of reach of most people that live Downtown) there is no reason to spend much time there.

I hear the new Ritz Carlton will have a Presidential Suite with a drop dead view of skid row.

[mr. money bags]

the world ends December 2012 ? Is that when your ARM resets ? yeah, welcome to the party.

[MyLessThanPrimeBeef]

Happy jack, our solar system is at the edge, on one of spokes, of our galaxy.

It's not at the center.

The galaxy doesn't revolve around us. Our solar system revolves around a giant black hole, kind of like we revolve around the sun.

[Christopher Eaton]

William James, think happy thoughts. Think of something positive to say about anything, like maybe that you're happy that Brothers and Sisters is back on and Sally Field isn't moving to D.C. after all, or that you like bacon, or maybe that your cholesterol medication is working. And when you're having that happy thought, then write something sensible about Downtown.