L.A. LIVE Welcomes New Cornerstone Of Emerging Vibrant Downtown Districtby laliveinsider on Mon., Jun 01 at 12:00 AM
Governor Schwarzenegger, Mayor Villaraigosa and Business Leaders Join AEG to Break Ground on The Ritz-Carlton Residences at L.A. LIVE, The Ritz-Carlton and JW Marriott Hotel at L.A. LIVE
June 1, 2007
AEG, developers of L.A. LIVE, the world-class sports, entertainment and residential district being built in downtown Los Angeles, will break ground today on a 1,001-room hotel/224-room residence tower that will serve as the project's anchor, at a ceremony led by California Governor Arnold Schwarzenegger and Los Angeles Mayor Antonio Villaraigosa.
Also on hand to mark the start of construction of the 54-story, Class A high-rise will be Los Angeles City Council Members Jan Perry and Janice Hahn; Speaker of the California State Assembly Fabien Nunez; Chairman & Chief Executive Officer, Marriott, International Inc., J. W. Marriott, Jr.; and President and CEO of AEG Timothy J. Leiweke. The hotel/condominium tower, which will total 2 million square feet on 2.5 acres of land, will contain The Ritz-Carlton Residences at L.A. LIVE, the JW Marriott and The Ritz-Carlton hotel. Scheduled for completion in early 2010, it will be the final building to commence construction on the extremely active, 27-acre L.A. LIVE site, which is adjacent to STAPLES Center and the Los Angeles Convention Center.
AEG BRINGS ON DEVELOPMENT PARTNER
Leiweke also is expected to announce that the prominent real estate investment management firm MacFarlane Partners has agreed to become substantial investors in the $900 million hotel/condominium tower. The agreement also calls for MacFarlane Partners, an experienced investor in urban development and redevelopment projects that manages more than $15 billion in real estate assets, to provide investment oversight and consultation on the continued development and implementation of the project's overall vision and business plan.
\"Having MacFarlane Partners on board not only brings tremendous experience and expertise to this project, but more importantly, the confidence that they provide for us is invaluable,\" said Leiweke. \"Victor MacFarlane, Greg Vilkin and their team are the experts at what they do and this partnership will help to make a good project great.\"
\"Having invested in several properties in downtown Los Angeles over the past five years, we are a firm believer in downtown L.A. as a full-fledged, \"18-hour city\" with thriving residential, commercial and entertainment districts,\" said Victor B. MacFarlane, managing principal and chief executive officer of MacFarlane Partners. \"L.A. LIVE promises to be one of the most exciting projects in which we've invested and it will certainly play a central role in downtown being a place for people to live, work and play.\"
FINANCIAL SERVICES LEADERS TO BECOME L.A. LIVE FOUNDING PARTNERS
During an early morning business leader's summit on the economic rejuvenation and investment outlook for downtown Los Angeles, Leiweke also will announce that Wachovia and AEG have entered into an agreement for the nation's fourth-largest bank holding company to become a \"Founding Partner\" of the entire L.A. LIVE development. The partnership calls for Wachovia to become the exclusive financial services partner of L.A. LIVE and to receive prominent branding, proprietary events, consumer promotion and client entertainment within the entire, 27-acre development.
\"From the business, marketing and community perspective, Wachovia is truly the ideal organization we were hoping to bring in as a Founding Partner for L.A. LIVE,\" Leiweke added. \"Since entering the marketplace less than six months ago, Wachovia has clearly invested in our state and community in the right ways on so many levels. While their understanding of what's important and how this city does business has been remarkable, what makes them such an outstanding company is their intelligent expansion on a business level and their total commitment to making a difference with their community initiatives.
THE RITZ-CARLTON RESIDENCES AT L.A. LIVE CREATES A NEW LIVING ENVIRONMENT
The Ritz-Carlton Residences at L.A. LIVE, a lavish collection of distinctive dwellings starting on the 27th floor, will top the 54-story L.A. LIVE tower that is set to dramatically re-shape the city's world-famous downtown skyline. Designed by world-renowned California architecture firm Gensler, the modern skyscraper is being developed as an iconic home and hotel above the bright lights of Los Angeles.
The Ritz-Carlton Residences at L.A. LIVE will offer world-class amenities and the legendary services of The Ritz-Carlton, the city's most breathtaking views from the Angeles Crest mountains to the Pacific Ocean, and an unmatched, prestigious address at the center of the all-new L.A. LIVE. A total of 224 residences currently are available for reservation.
\"The Ritz-Carlton Residences at L.A. LIVE are complemented with a world-class hotel property that answers a long-awaited need for Downtown L.A.'s millions of visitors,\" Leiweke said. \"Nearly 50 percent of the residences have been reserved in just over a month, even before we've publicly marketed the project. The overwhelming interest proves the appetite for downtown living, especially for an exceptional residential retreat at the heart of L.A. LIVE.\"
THE RITZ-CARLTON AT L.A. LIVE AND JW MARRIOTT HOTEL AT L.A. LIVE
The Ritz-Carlton, a five-star luxury hotel property, will share the floors below The Ritz-Carlton Residences at L.A. LIVE with the four-star JW Marriott Hotel. A spacious layout of ballrooms, meeting spaces, rooftop decks, swimming pools, resort facilities and 1,001 hotel rooms will be available at the central hotel property, which will provide a new lodging option for the more than 2.5 million convention attendees who visit downtown Los Angeles each year.
\"The Ritz-Carlton is proud to serve as a hotel ambassador for L.A. LIVE, not only for its future residents, but for all future visitors and guests of downtown L.A.,\" said J. W. Marriott, Jr., chairman and chief executive officer of Marriott International. \"The combination of an entertainment district of this scale with such a unique hotel and residential tower project is a proposition unmatched anywhere in the world, and we look forward to providing many with a new home - and home away from home - in the new downtown L.A.\"
Additionally, The Ritz-Carlton Residences at L.A. LIVE, The Ritz-Carlton and JW Marriott Hotel at L.A. LIVE will create more than 800 full- and part-time jobs in Los Angeles after completion.
\"Each and every component of this project will equip downtown with the key facilities and resources to attract the best and most important events for our city,\" added Leiweke. \"Most importantly, our investment and that of those in the surrounding residential district combined have brought Los Angeles a fully privatized, fully financed and fully entitled development. We're proud to have this anchor hotel set in the city for one and all to see that L.A. LIVE is truly alive.\"
The sales and preview center for The Ritz-Carlton Residences at L.A. LIVE is scheduled to open this fall, along with the first phase of L.A. LIVE, which will include Nokia Theatre l.a. live, a 7,100-seat, live-performance theater that will host concerts, family & cultural shows, Broadway musicals, awards shows and special events; and Nokia Plaza, a 40,000-square-foot open-air plaza that will serve as the central meeting place of L.A. LIVE. The second phase, set to open in 2008, will include an array of restaurants; Club Nokia l.a. live, a 2,400-seat standalone venue for music acts, bands and cultural shows; and ESPN's West Coast headquarters and broadcast facility. The Ritz-Carlton Residences at L.A. LIVE, The Ritz-Carlton and JW Marriott Hotel at L.A. LIVE are set to open during phase three in 2010. More information can be found online by clicking the L.A. LIVE icon at www.aegworldwide.com.
About L.A. LIVE
AEG is currently overseeing the development of L.A. LIVE, a four-million-square-foot, $2.5 billion downtown Los Angeles sports, residential & entertainment district adjacent to STAPLES Center and the Los Angeles Convention Center featuring Nokia Theatre l.a. live, a 7,100-seat, live-performance theater; a 54-story, 1,001-room convention \"headquarters\" hotel (combining JW Marriott and Ritz Carlton brands and 224 luxury condominiums - The Ritz-Carlton Residences at L.A. LIVE), Club Nokia l.a.live, a 2,200 capacity, live-music venue; a 14-screen Regal Cineplex; \"broadcast\" facilities for ESPN along with entertainment, restaurant and office space.
L.A. LIVE will also be the region's most in-demand and busiest hospitality location, featuring 260,480 square feet of conference center and ballroom facilities; eight world-class restaurants, including the ESPN Zone, Flemings Prime Steakhouse and Wine Bar, Katsuya, The Farm of Beverly Hills, Yard House, Rosa Mexicana and dining concepts developed by Wolfgang Puck, Celestino Drago and others; a 100,000-square-foot special events deck; the famous Lucky Strike Lanes bowling center; the celebrity-owned Conga Room; and the one-of-a-kind GRAMMY MuseumSM saluting the history of music and the genre's best known awards show. All of the aforementioned facilities will be centered around Nokia Plaza l.a. live, a 40,000-square-foot outdoor event space.
About MacFarlane Partners
MacFarlane Partners is one of the leading real estate investment management firms in the United States, with $15 billion in assets under management. Founded in 1987, the firm offers an array of investment programs for its institutional capital partners that are derived from its core competencies in property development, smart growth/urban revitalization, and single-family home building.
Considered a pioneer of the urban investment concept among institutional real estate managers, MacFarlane Partners invests in real estate development, redevelopment and repositioning projects in urban and high-density suburban areas nationwide. Among the properties in which it has invested are 1100 Wilshire and Metropolitan Lofts in Los Angeles; Bay Street Emeryville and The Uptown Apartments in the San Francisco Bay Area; Half Street in Washington, D.C.; and The Shops at Columbus Circle, the retail component of the Time Warner Center in New York City.
The firm also invests in single-family residential land and housing developments in markets nationwide. To date, its investments have financed the development of 123,000 single-family homes and residential lots in 18 states with more than 100 different home builders.
MacFarlane Partners is headquartered in San Francisco, with regional offices in Los Angeles; Washington, D.C.; and the greater New York metropolitan area. For additional information, please visit the firm's Web site at www.macfarlanepartners.com.
About Marriott International
MARRIOTT INTERNATIONAL, INC. (NYSE:MAR) is a leading lodging company with nearly 2,800 lodging properties in the United States and 66 other countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, THE RITZ-CARLTON, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Bulgari brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International, Horizons, The RITZ-CARLTON Club and Grand Residences by Marriott brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. The company is headquartered in Washington, D.C., and has approximately 143,000 employees at 2005 year-end. In fiscal year 2005, Marriott International reported sales from continuing operations of $11.6 billion. For more information or reservations, please visit our web site at www.marriott.com.
AEG is one of the leading sports and entertainment presenters in the world. AEG, a wholly owned subsidiary of The Anschutz Company, owns or controls a collection of companies including facilities such as STAPLES Center, The Home Depot Center, Toyota Park, Toyota Sports Center, Anaheim Convention Center Arena, El Rey Theatre, Colosseum at Caesars Palace, Nokia Theatre at Grand Prairie and Nokia Theatre Times Square; sports franchises including the Los Angeles Kings (NHL), Los Angeles Riptide (MLL), four Major League Soccer franchises, two hockey franchises operated in Europe, management of privately held shares of the Los Angeles Lakers (NBA) and Los Angeles Sparks (WNBA), the ING Bay to Breakers foot race and the Amgen Tour of California cycling road race; AEG LIVE, the organization's live-entertainment division, is a collection of companies dedicated to all aspects of live contemporary music performance, touring and a variety of programming and multi-media production. Additionally, the company has begun fully developing London's 28-acre Millennium Dome which includes a 23,000-seat arena, the O2 and over 650,000sf of leisure and entertainment use within the 'Dome' and additional arenas; The O2 World on a 45-acre site in the heart of Berlin; Citizen's Business Bank Arena in Ontario, California; Sprint Center in Kansas City, Missouri; as well as Red Bull Park and a soccer stadium in Harrison, New Jersey. For more information, visit AEG today at www.aegworldwide.com.
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