[dragonsky]

Frank Gehry's $1-billion downtown project could finally be a go after a Chinese builder's $290-million investment

The Grand Avenue complex of condominiums, apartments, shops, restaurants and a hotel has been delayed several times since 2004. That’s when Related was selected by city and county officials to transform land left mostly vacant since the former residential neighborhood was razed about 50 years ago in an urban renewal program.

But this time, with CORE’s help, Related will finally be able to proceed, President Ken Himmel said.

“This is a milestone unlike any other in the history of this project,” he said. “It’s a total game changer.”

The $290-million cash injection means Related and CORE have now raised more than $400 million for the project, Himmel said. Typically, real estate developers borrow 70% or more of the funds they need to start building.

“This should say to everyone that this project is not over-leveraged,” Himmel said. “It’s a tremendous vote of confidence to see that amount of equity go into the project.”

http://www.latimes.com/business/la-f...103-story.html
http://urbanize.la/post/chinese-inve...avenue-project