Sweet, sweet Korean money. Honua Group, an investment firm consisting of three Korean insurance companies, will give $100 million to back the first phase of developer Related Co's Grand project, the sprawling $2 billion mixed-use development planned for downtown. The news came via an agenda memo from the Community Redevelopment Agency, according to Blogdowntown. Earlier this year, Related announced that despite getting $100 million from Dubai-based group Istithmar, it would delay ground-breaking until 2009 to finish up securing its $600 million construction loan. While a rep for Related declined to comment on the memo, she did tell Curbed the nothing has changed with the project, and that while the company will keep an eye on the markets, Related is still projecting a '09 start date.
· Related Adds Korean Partner for Grand Avenue [Blogdowntown]
· Korean firm to invest $100 million in Grand Avenue project [LA Times]