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Article: Grand Avenue project facing another delay: fines looming for Related Cos.(REAL ESTATE)
- Article from:
- Los Angeles Business Journal
- Article date:
- November 17, 2008
- Author:
CopyrightCOPYRIGHT 2008 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Related Cos. is unlikely to break ground on the $2.7 billion Grand Avenue project in February, marking yet another delay for the downtown development that has already missed several start dates.
The likely postponement means the New York City developer for the first time would have to pay $250,000 fines for every month construction is not begun--fines enacted in July by the joint powers authority overseeing Grand Avenue as a way to prod movement.
Related has had trouble securing a construction loan for the 3.6 million-square-foot mixed-use development near Walt Disney Concert Hall. And with the credit markets still locked down it appears unlikely that ...