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Awaiting the Thaw, Grand Ave Project Going Nowhere

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The Downtown News is out with their check of what's happening with downtown's real estate projects, and notably, save for the park portion breaking ground next summer, there's absolute no movement on the Frank Gehry-designed Grand Ave project, that big mixed-use development. Bill Witte, West Coast president of Related Companies, tells the paper the company "is waiting out the current recession and the frozen lending markets, and will still need an estimated $700 million construction loan. The project’s entitlements will remain in place until February 2011." The delay means that Related will continue to fork over a $250,000 a month penalty until ground is broken. Additionally, the green condo tower that is 655 Hope is now giving an October opening date (although they have missed previous opening dates), and at least in the short-term, downtown will be spared another Tuscan-themed building--due to the economy Orsini developer Geoff Palmer's Pierro II has been put on hold. And if you were wondering if that "paint-splattered sign advertising" Park Fifth has been taken down, no, it has not. Clean up after your stalled developments, people.
· Some Rising, Some Watching, Some Waiting [Downtown News]