Having had his ego sufficiently stroked, billionaire Eli Broad is stepping down as chairman of the Grand Avenue Committee. Now that the project has received approval from the City and County, Broad can now turn his attention to other endeavors from which he can inflate his ego, such as bidding on the L.A. Times. Broad basically envisioned the whole Grand Avenue project, and now it will be a reality. Someone else will have to do the actual work now:
Replacing Broad as chairman will be Nelson Rising, a real estate developer who has served on the committee since 2005. He said the project was transformational for the city of Los Angeles. Still, he told Broad at the meeting, "I have no illusions?. No one can replace you."It’s like he’s LA’s very own Jesus. The Project is scheduled to break ground in October.
· Broad Stepping Down as Head of Grand Avenue Committee [LA Times]