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Grand Avenue Shuffle: Developer Related Taps Dubai Royalty As Investor

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The Downtown News' Anna Scott breaks the news that Related has done an investment tap dance with its downtown Grand Avenue Project. Out: California Public Employees' Retirement System. In: A new partnership with Istithmar, a sovereign fund controlled by the royal family of Dubai. And who is Istithmar? According to the News, Istithmar owns the Barneys New York chain and has an interest in two Related-developed New York hotels. As for all that ground-breaking fuss, the first phase will still open in 2011, according to the paper. So does this mean that project architect Frank Gehry has stopped his bellyaching about Related running out of cash? [Downtown News]