Grand Avenue Project Developer Wants Extension

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As a deadline looms for the Grand Avenue project to begin construction, the developer of the $3 billion effort is seeking revisions to its agreement with the county about scheduling, though it’s unclear what those changes might be.

Last year, the developer, Related Cos., agreed to pay financial penalties to the Los Angeles Grand Avenue Authority if ground wasn’t broken by Feb. 15. Those penalties would total $250,000 a month until the project breaks ground.

Related Cos. has said that although it has completed the documents required to begin construction, the current financial market has made procuring a loan on the massive project all but impossible.

Nelson Rising, chair of the civilian committee overseeing the project on behalf of the joint city-county authority, said that Related Cos. had requested revisions to the extension.




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