The Korean firm Honua Group, which was formed by three insurance companies, will invest $100 million for the first phase of the long-delayed project. This comes on top of the $100 million put down by Dubai's royal family. The developer, Related Cos., has gotten killed by the credit crunch, causing the Grand Avenue project to be delayed several times. If they don’t break ground in February, Related will have to pay a penalty to the city and county. (Of course, if it reaches that point, the project may well be doomed.) Here’s some backstory from Blogdowntown:

The project was last supposed to break ground in April, after Related’s addition of Istithmar was approved by the government joint powers that controls the land. In late July the joint powers granted Related permission to delay the project’s start until February of 2009. Additional delays will cost the developer $250,000 per month. The three Korean companies that make up Honua Group have a combined $11.6 billion in assets. Dongbu Insurance Company Ltd. has a 40% share of the partnership, while Dongbu Life Insurance Co., Ltd. and Kumho Life Insurance Company, Ltd. each add 30%.

Speaking of downtown, L.A. City Councilwoman Jan Perry told me this morning that developers were "just trying to hold on" as construction financing becomes increasingly tough to arrange. Perry, who spoke at Emma Schafer's Los Angeles Current Affairs Forum, added that developers still arranging deals downtown were looking to keep a lid on city entitlements. "I'm glad we pushed to get as much done as we have," she said. Perry represents the Ninth District, which includes downtown.