Grand Avenue project delayed again

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Good evening. Will downtown L.A. ever achieve critical mass as a place to live? Will most Angelenos ever care? If you are among those who care, you will be interested in this item from Downtown News:

‘A groundbreaking ceremony for the $3-billion Grand Avenue project has been pushed back from March until at least the summer, officials with developer Related Cos. confirmed last week. It marks the third time that the public kickoff for the massive Bunker Hill effort has been postponed.’

LA Biz Observed reports the delay is ‘bound to raise questions on whether the much-ballyhooed project being developed by Related Cos. is running into financing problems. It wouldn’t be surprising, given the scope of the project and the uncertain state of the commercial lending market.’

For the recrod, Related Cos. President Bill Witte told Downtown News ‘the development is on track to meet its most recently announced timeline, with phase one slated for completion in 2011. He also maintained that the project’s financing is in order.’

Thoughts? Comments? Insights? E-mail story tips to peter.viles@latimes.com.
Photo credit: Gehry Partners LLP for Grand Avenue Committee