Anschutz, KB Home take on L.A. hotel-condo project

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Anschutz, KB Home take on L.A. hotel-condo project

By The Denver Post

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.