The story in the morning Los Angeles Times about Eli Broad stepping down as the chair of the Grand Avenue Committee is entirely accurate - except for what it didn't say. That he is remaining as the co-chair even as Nelson Rising becomes the chair.
Unfortunately, the ambiguity of the article has understandably led to considerable inaccurate speculation within the on-line community which hopefully can now be corrected.
Broad stepping down as head of Grand Avenue Committee
The philanthropist says his goal to lead the project through the city and county approval phase is complete.
By Cara Mia DiMassa
Times Staff Writer
March 6, 2007
Philanthropist Eli Broad has announced that he is stepping down as chairman of the citizens group that has steered the $2.05-billion Grand Avenue project since its inception.
The Grand Avenue project, which eventually could include nine acres of retail, housing and office space as well as a 16-acre civic park around Walt Disney Concert Hall on Bunker Hill in downtown Los Angeles, received approval last month from the city and county.
At a luncheon Monday to honor those involved in the process, Broad said he had wanted to guide the project through city and county approvals before relinquishing control of the Grand Avenue Committee.
"With the development phase beginning, it makes perfect sense," he said.
Broad initially served as co-chairman of the committee and became sole chairman after developer Jim Thomas left the committee two years ago. But it has been Broad's vision that has largely guided the process over the last seven years....
But as Eli and everyone else said at the luncheon yesterday when he handed his gavel to Nelson Rising - Eli is going to still be very much - and very openly - involved in this project.