The Grand Sleep

Thursday, May 6, 2010

If built, the $3 billion, mixed-use Grand Avenue project would be one of the largest ever constructed in downtown LA.

According to the Los Angeles Business Journal, downtown LA’s long-delayed Grand Avenue project is going to, er, keep being delayed. Related, the developer, has asked the city for an extension to its deadline to begin construction on the $3 billion Frank Gehry-designed behemoth. The way things stand now, if they don’t get the pile drivers working by February 2011 LA will take their baby away. Related wants until February 2013, a period of time they’ll presumably spend with their fingers crossed, waiting for the condo market to climb back out of the hole it’s fallen into. Also caught up in this mess is a parcel of land that billionaire philanthropist Eli Broad wants to use to build his very own art museum. Could this cultural component be a bargaining chip that will invoke the city’s leniency? Well, Related sure hopes so.

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