$1 billion development will be largest in history of LA

Friday, 20 Sep, 2005 0

Ground was broken on a $1 billion sports and entertainment district in Los Angeles called l.a.live.

It represents the largest development in the history of the city.

“We are here today to break ground for the largest and most important development in the history of downtown Los Angeles,” said Timothy J. Leiweke, president and CEO of AEG.

The four million square foot downtown project is adjacent to the STAPLES Center.

In addition to being a regional headquarters for ESPN, the development will have a new four-star Hilton Hotel. The 50-story hotel will have 160,000 square feet of meeting space.

“The hotel is expected to significantly boost efforts to attract key conferences, exhibitions, conventions and corporate meetings to the convention center,” said AEG

“This Hilton Hotel and l.a. live will establish downtown as a world class destination. Our team is absolutely committed to bringing this hotel to life and transforming Los Angeles into one of the most attractive destinations for conventions in the nation,” said Lew Wolff, chairman and CEO of Wolff urban Management, a co-developer of the project.

“Los Angeles is reaffirming its position as the entertainment capital of the world,” said Mayor Antonio Villaraigosa.

Other key elements of the project include a 40,000 square foot open air plaza to accommodate broadcast events; numerous high-end fine dining, casual and ethnic restaurants; and a 7,000-seat theatre for live performances.

AEG or Anshutz Entertainment Group is one of the world’s leading providers of live entertainment, sports events and facilities. The company manages the STAPLES center, among others, and owns or operates many sports franchises.

Report by David Wilkening

David

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