Economic Woes to Delay Downtown LA Upgrades
LOS ANGELES (CBS/AP) -- Despite recent pledges from investors determined to reinvigorate downtown Los Angeles, one developer warns of potential setbacks to the $3 billion development plans.
The developer, Related Cos., says it plans to request a two-year
extension of the deadline to start construction on the Grand Avenue
project. That would push groundbreaking back from next February to
2013.
The massive hotel, condominium, restaurant and shopping area is
supposed to be the centerpiece of downtown redevelopment that would
revitalize lackluster blocks near the city's Music Center.
But the megaproject designed by famed architect Frank Gehry has
stalled. The first phase of development will cost more than $1
billion and the developer says there's no chance of financing it in
the near term because of the slow economy.
