Copyright Los Angeles Times
The owners of Crypto.com Arena and L.A. Live in downtown Los Angeles have filed plans with the city to potentially add another tower to their multibillion-dollar sports and entertainment complex. AEG last week proposed a 49-story high-rise that would hold a hotel, residences, bars and restaurants. The tower would rise across Olympic Boulevard from L.A. Live on a corner lot on Georgia Street now used by AEG for parking. Many planned residential and other commercial projects in Los Angeles have stalled prior to construction in recent years as developers face economic headwinds, including unfavorable interest rates and rising costs of materials and labor. AEG, too, will not be breaking ground on this project in the near future, a company representative said. The company’s recent land-use application, which outlined the plans, is just a “first step for a potential development” on the company’s property at 917 W. Olympic Blvd., spokesman Michael Roth said. “AEG remains optimistic about downtown’s long-term prospects and is positioning the site for future development when conditions improve.” The application calls for a large-scale development with 364 dwelling units and 334 hotel rooms. The 783,427-square-foot building would also include bars and restaurants on levels 1, 5 and 6, along with a restaurant/nightclub on the eighth floor. Residents and hotel guests would share an amenity deck with a restaurant, bar, pool, spa, club room, fitness area and a dining terrace. The complex would have 666 parking spaces. In September, the City Council approved a $2.6-billion expansion of the Convention Center despite warnings from its advisors that the project would draw taxpayer funds away from essential city services for decades to come. Mayor Karen Bass and a majority of the council believe that the project will create thousands of jobs and boost tourism and business activity, making the city more competitive on the national stage. The new construction will connect the two existing south and west exhibit halls by adding 190,000 square feet of space to create one contiguous hall with more than 750,000 square feet, and will add 39,000 square feet of meeting room space and 95,000 square feet of multipurpose space. AEG is a co-developer of the Convention Center project with Plenary Americas. Los Angeles-based AEG is one of the world’s biggest venue and event companies, with more than 20,000 employees. The company was founded in 1995 when Denver billionaire investor Philip Anschutz bought the Los Angeles Kings, and in 1999 it opened the downtown arena then known as the Staples Center, now Crypto.com Arena.
