Don't waste your time looking for the Grand Avenue Colony of the "OFFICIAL BIRD OF LOS ANGELES".
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