Tim Leiweke, CEO and president of Anschutz Entertainment Group Worldwide, the owner and developer for The Ritz-Carlton Residences at L.A. Live, recently talked with Bloomberg Television’s Willow Bay about the company’s plans to bring an NFL franchise to Los Angeles as well as the development of the Los Angeles Convention Center.
Leiweke drives home the huge economic impact AEG’s vision of bringing an NFL team back to Los Angeles will have on the city. He estimates the development of the stadium and convention center will bring at least 10 new hotels to downtown L.A., which would introduce more than $3 billion in additional development. Altogether he predicts a $5 billion impact as a result of AEG’s plan. It would be the leading job creator in L.A., says Leiweke, and establish the city as one of the top three or four points of destination in the U.S. for events and conventions for a very long time.
Leiweke also gives an update on negotiations with the NFL and states that Philip Anschutz is financially committed to do whatever it takes to bring an NFL team here.
As we’ve reported, the renaissance in Downtown Los Angeles is in overdrive. “Downtown L.A. is poised once again to be the hub of metropolitan Los Angeles. And, to me, it’s unstoppable,” The Agency’s Mauricio Umansky recently wrote. Leading the way for downtown’s revival has been L.A. Live, including The Ritz-Carlton Residences at L.A. Live, the luxury residential tower poised high above the entertainment and sports complex. The proposed new stadium will be located a stone’s throw away from the Residences – so close the residents will be able to practically watch games from their windows. AEG hopes to break ground on Farmers Field before the end of the year.
Learn more about The Ritz-Carlton Residences at L.A. Live here.
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