Financing woes may delay $3B Los Angeles development project

01/14/2009 | Los Angeles Times (tiered subscription model)

Construction on a massive, $3 billion development project in downtown Los Angeles is unlikely to start next month because the developer has not secured funding. The Los Angeles Grand Avenue Authority is requiring Related Cos. to break ground on the project by Feb. 15 or incur penalties of $250,000 per month. The authority has the right to renegotiate its agreement with the developer if construction does not begin by February 2011.

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