Grand Avenue Project delayed again
Don't waste your time looking for the Grand Avenue Colony of the "OFFICIAL BIRD OF LOS ANGELES". The wait to break ground on the Grand Avenue Project just got push back to February of 2009, this according to the "OLD GREY HAG ON SPRING STREET", who reports on the latest snag to affect Businessman/Billionaire Eli Broad's vision for the top end of Bunker Hill.
Reported and opine on by many and controlled by a elite few, the Grand Avenue Project has become the latest project affected by the real estate downturn in downtown.
This latest snag centers on getting approval for a loan to start construction. The casual observer with any knowledge of the evolution of this project would had assume that any financial questions had been put to rest with the buy in of $100 Million Petrol Dollars from Dubai.
Yet the Dubai money gets earmarked as equity and does not help with the problem of start up capital which is in short supply with a depressed real estate market.
The best case scenario for obtaining the start up capital and ground breaking is early 2009 with completion of phase one in 2012.
Labels: Dubai, eli broad, grand avenue project
Posted by Red Spot in CD 14 @ 4/29/2008 06:00:00 AM
3 Comments:
China should kick in a hundred million, Dubai another hundred, then they can own the whole damn thing. Oh wait, the City of LA should also kick in 50 mill in tax breaks just because in the long run (when everyone has moved from LA due to the cost of living) it will pay for itself...
Broad should have built Grand Avenue in Palmdale. The Dubaians (?) would have been more at home there.
I told you this loser project would never make it as promised.
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