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Posted by: | Posted on: December 25, 2019

The advent of l.a. live

first_img “Staples has been the best thing since sliced bread, and l.a. live is going to continue the enormous impact Staples has had on our renaissance,” Schatz said. “Not only will it provide a place for people driving in to spend money and go, it also has great importance for the residents who have moved downtown.” — Beth Barrett, (818) 713-3731 [email protected] local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MORERose Parade grand marshal Rita Moreno talks New Year’s Day outfit and ‘West Side Story’ remake AEG spokesman Michael Roth said work is progressing on l.a. live, but he had no comment on talks involving a new equity partner for the hotel, on which estimated construction costs have climbed to more than $500 million. Chief Legislative Analyst Gerry Miller, who has worked on the deal for the city, said the entertainment complex will boost economic development downtown, with the public financing package for the hotel carrying minimum risk for the city. The city agreed to forgo about a quarter-billion dollars in hotel transient occupancy taxes over 25 years, a $16 million loan from the Community Redevelopment Agency and $4 million in city fee waivers. “It’s certainly providing for … job creation, and providing housing including affordable housing in the area to further the development of downtown as a residential community, as well as development of amenities such as movie theaters that are in short supply in the area,” Miller said. Carol Schatz, president and CEO of the Central City Association, said l.a. live will have far-reaching benefits for downtown Los Angeles and all of Southern California. The languishing Convention Center and surrounding area got a boost in September when ground was broken on a $4.2 billion sports and entertainment complex near Staples Center, although negotiations soon broke down over a 56-story marquee hotel planned for the project. AEG, the development company owned by Denver billionaire Philip Anschutz, has committed $1 billion to the l.a. live complex, which is expected to rival New York’s Times Square with theaters, a cinema complex, restaurants, bars and housing. But the project was dealt a blow in November, when negotiations for a 1,100-room Hilton hotel broke down, despite a quarter-billion-dollar public-financing package. City officials say they expect AEG will find an equity partner to replace Apollo Real Estate Advisors of Century City, which initially was expected to provide about $60 million for the hotel.last_img read more