A new downtown L.A., sponsored by ... Dubai

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What happens when you combine a collapsing dollar, America’s addiction to oil, a slumping commercial real estate market, tight credit markets, and hopes for revitalization of downtown Los Angeles?

You get a situation where the royal family of Dubai plays a major role in shaping the future of Los Angeles.

News item: ‘Armed with $100 million from Dubai and a refined design plan, officials Monday said construction will finally begin next month on the Frank Gehry-designed residential and shopping plaza along Grand Avenue that is considered a linchpin to downtown L.A.’s revitalization.’

More, from the L.A. Times: ‘The announcement comes after months of delays and questions about the viability of such a massive development in the midst of L.A.’s real estate slump. But those doubts were eased significantly Monday when the government agency overseeing the redevelopment approved the investment of Istithmar, a fund controlled by the royal family of Dubai.’

OK, the floor is open. Add comments and observations, or e-mail story tips to peter.viles@latimes.com.
Photo Credit: Related Cos./Gehry Partners via L.A. Times.