The Daily News follows up on yesterday's vote by the Los Angeles County Board of Supervisors to approve adding a new partner-- the Honua Group, a group owned by three Korean insurance companies-- to Related Co's Grand Avenue project. With this second big partner (earlier this year, a Dubai investment group was added), Related remains in charge of operations and in control of the project, but if the company defaults, "Istithmar, Honua or a subsidiary would have the right to temporarily replace them as the developer." Meanwhile, the Grand's web site is showing a before and after we haven't seen before (images elongated). That squat structure on the left is the the doomed tinker toy parking lot.
· Ownership change for Grand plan [Daily News]