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April 29, 2008
L.A.'s Grand Avenue project snags on loans
LA Times
By Cara Mia DiMassa
The other Frank Gehry-designed megaproject is also stalling out:
The developer of the Grand Avenue project in downtown Los Angeles said Monday that completion of the $3-billion redevelopment effort will be delayed until 2012 because of difficulty in obtaining construction loans amid the real estate downturn.
The Frank Gehry-designed high-rise project is seen as a linchpin in downtown's revitalization, and the delay is the latest sign that the loft and condo craze in the city center is cooling off.
...
Grand Avenue is one of several mega-developments around the nation that are in trouble because of the credit crunch. In Seattle, developers recently shelved plans for a $7-billion development downtown, citing the poor economy. Huge projects in Las Vegas, Phoenix and New York have also been scaled back or delayed, including part of the Gehry-designed Atlantic Yards in Brooklyn and a $14-billion development of the area around Penn Station.
Posted by lumi at April 29, 2008 4:56 AM