Anschutz, KB Home take on L.A. hotel-condo project
By The Denver Post
Friday, January 13, 2006
Denver financier Philip Anschutz and a KB Home unit plan to
build a $600 million, 50-story hotel-and-condominium tower
next to the Los Angeles Convention Center, part of a plan to
draw tourists and residents to the city's downtown.
AEG, a unit of closely held Anschutz Corp., and KB Urban
replace original developers Apollo Real Estate Advisors and
Wolff Urban Development, which backed out amid rising costs.
The building will be part of the L.A. Live development,
planned for an area adjacent to the convention center and
AEG's Staples Center arena, home to the Los Angeles Lakers
and Clippers basketball teams and Kings hockey team.
The hotel, which will have 1,100 rooms and at least 250
residential condominiums, is part of $4.2 billion in
restaurants, housing, nightclubs, movie theaters and other
venues planned for a site.
The arena, along with the Walt Disney Concert Hall and newly
built condominiums and apartments, is helping to revive
downtown L.A., which once had little nightlife after offices
closed each day.