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Downtown's Grand Avenue Project: Dubai Money Confirmed, Breaking Ground Next Month

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Anyone losing sleep over the state of downtown's Grand Avenue project, the Frank Gehry-designed residential/hotel/retail project, will take comfort in today's LA Times story, which reports the development is officially flush with $100 million in Dubai money and ground-breaking is scheduled for next month. Last month, the Downtown News reported Related had some sort of March 17th approval date to confirm the Istithmar funds, so apparently foreign investors are still keen on our somewhat vulnerable downtown real estate market. Also, the Times has a few more details about the project's look, which has been tweaked since the initial design: The towers will be "skinned" via a "combination of glazing, stone and precast concrete," while plans for the public park will be unveiled in late April. Construction on the park will also start this year.
· Funding puts Grand Avenue plan in starting position [LA Times]
· Dubai Royal Family Is New Grand Avenue Plan Investor [DN]