Pictured: Grand Ave/Bunker Hill Vultures Broadaraigosa and Architect Frank Gehry
Many of you have followed my coverage of Grand Ave Project. Not a fan! Glad to see that CalPERS money (retirement fund) has been pulled out of this risky project. I've been warning about this, and who knows...maybe I scared 'em into pulling out for all the reasons I blogged about. Or maybe it was just so obvious, ZD looks good for predicting the obvious.
"Related will seek approvals from city, county and redevelopment officials over the next six weeks for the new investor in its proposed Bunker Hill mega-development. The company secured the new partnership with Istithmar, a sovereign fund controlled by the royal family of Dubai, after its key equity partner, California Public Employees' Retirement System, pulled out.
CalPERS had invested in the Grand Avenue plan through its San Francisco-based advisor, management investment firm MacFarlane Partners. Last June, MacFarlane joined the Convention Center hotel project being developed by Anschutz Entertainment Group as part of the L.A. Live project."
click here for full article
From ZD's Grand Ave article (June '07): ELI BROAD & CORPORATE WELFARE FUNDSUCKERS INC'S...GRAND AVENUE PROJECT!!!
THE SAVIOR OF THE CITY, REGION AND WORLD!!! We are just lucky to have it. (Or at least have the approval to start spending the money!)
I'm sure you will be reading much more about the overall details of the project (specifics of what it includes, business plan, comments from experts and community leaders, and the whole enchilada. Because how could you not? It's the biggest, most intertwined project in City, State or US History. Because you have the CRA, City Council, County -- AND, a private developer, Related Co. (working with CALPER, the pension money people who fund MacFarlane, who work with Related) ALL coming together for this one massive project, that has part of the details, sort of worked out...and they'll figure out the rest as they go along. (A $2 billion dollar starting point of a "wink and a handshake" to allow everyone to start spending and making the money!)
Previous ZD coverage of this loser project. (Including, "Problems already")
Zuma Dogg comedy analysis of LA Live: Click here
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