Earlier this week, I posted about how Related Companies’ Stephen Ross was taking advantage of the current economic conditions by making bold decisions and taking action. In a contrary move, it seems as if one of Related’s decisions involves inaction. The company’s Grand Avenue project, designed by none other than noted architect Frank Gehry, has had zero movement as the company waits for the market to thaw.
Bill Witte, West Coast president of Related Companies, told Downtown News that the company “is waiting out the current recession and the frozen lending markets, and will still need an estimated $700 million construction loan. The project’s entitlements will remain in place until February 2011.”
Related will continue to pay a penalty of $250,000 per month until ground is broken.