The $2.05 billion Grand Avenue project won unanimous approval from the Los Angeles Community Redevelopment Agency despite concern over public subsidies.
The agency's board did not directly address reports the massive development plan, which calls for retail, housing and green space along the major downtown thoroughfare will likely need public funding of up to $200 million.
Speakers packed the meeting to praise the project.
"This is a project of regional, if not international, significance," said Carol Schatz, president and chief executive officer of the Central City Association of Los Angeles.
Grand Avenue Committee Chairman Eli Broad has said that the project could be completed without taxpayer money. But County Supervisor Michael Antonovich has estimated the project will require subsidies.
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