Grand Avenue update

Developer Related Cos. can defer the 250K-per-month penalty stemming from delays in breaking ground on the $3 billion condo and retail project, according to Curbed L.A. As part of the agreement, Related can hold off on the penalties for two years or until ground is broken. Related also agrees to pay $100,000 a year to the Grand Avenue Committee, the group overseeing the project, to help defray the administrative costs. Related has been hit with these penalties because of its inability to get financing - or at least financing that would make the project viable - but you have to wonder whether this thing can drag on indefinitely, at least in its current form.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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