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June 8, 2008
Antonovich questions plan to again delay Grand Avenue project's start
LA Times
Cara Mia DiMassa
The developer says the postponement is necessary because of the tight credit market. County supervisor calls for the Frank Gehry-designed project across from Disney Hall to be put out to bid again.
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Supervisor Mike Antonovich issued a statement late Friday calling on the Grand Avenue Authority, made up of city and county officials, to put the project out to bid again."If other developers knew that they could delay the start date for 16 months, they would have bid the project differently," the statement said.
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Grand Avenue is one of several major developments around the nation that have been delayed 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 City 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 in Manhattan.
article
NoLandGrab: Although it sounds like this project is suffering a similar fate to Atlantic Yards, it's important to remember that with AY, FCR was outbid from the start.
Posted by amy at June 8, 2008 11:12 AM