Downtown L.A. project given green light

LOS ANGELES, March 18 (UPI) -- Officials in Los Angeles announced Tuesday construction on a $2 billion project on Grand Avenue will begin this month.

The project that includes eight condo and office towers, a public park, a hotel and retail space, was given the green light when the government approved a $100 million investment from a fund controlled by the royal family of Dubai.

Funding for the project had been in jeopardy after early investor California Public Employee's Retirement System backed out, claiming the organization was over-invested in the Los Angeles real estate market, the Los Angeles Times reported.

Downtown Los Angeles has already been rife with residential housing projects and several have been put on hold or canceled, the paper said.

"We need to continue to wish ourselves good luck," county Supervisor Gloria Molina said at a meeting after the go-ahead was announced.