Another new owner for Grand Avenue

As several large developments throughout the nation have run into trouble due to the global economic crunch, the Los Angeles County Board of Supervisors on Tuesday approved another ownership change in the $3 billion Grand Avenue project. Troy Anderson in the Daily News.

Under the new ownership structure, the Honua Group, an investment vehicle owned by three Korean insurance companies, will invest $100 million for the first phase of the long-delayed project in downtown Los Angeles.

The investment firm is the second foreign company to invest in the project. Istithmar Building FZE, an investment fund controlled by the royal family of Dubai, committed $100 million earlier this year.