[July 14, 2004] AEG to Bring Vibrant New Entertainment District to Heart of Los Angeles; Convention Center ``Headquarters'' Hotel Key Element to Billion Dollar Development LOS ANGELES --(Business Wire)-- July 14, 2004 -- AEG President and CEO Timothy J. Leiweke announced the organization's dramatic plans to change the face of downtown Los Angeles by developing an exciting new entertainment district that will include new concert and live performance venues, movie theatres, television and radio broadcast facilities, retail facilities, a nightclub and corporate offices, among other additions. The plan unveiled by AEG, which also developed and owns STAPLES Center, includes the development of a long-awaited 1,200-room convention center "headquarters" hotel that will transform the Los Angeles Convention Center into one of the most attractive convention sites in the country. Leiweke also detailed AEG's collaboration with Nokia, the world leader in mobile communications, to "name" and participate in the development of three key components of the sports and entertainment district including NOKIA Theatre Los Angeles, NOKIA Plaza and Club NOKIA. "The creation of this sports and entertainment district will be the single, biggest catalyst to energize not only Los Angeles' economy but southern California's economy as well," said Timothy J. Leiweke, President and CEO, AEG. "With the hotel and ballrooms playing the key and central role in the development of the entire district, elements such as NOKIA Theatre Los Angeles, the television and radio broadcast facilities, housing and retail components clearly create a point of destination the region has so badly needed. When we are through, there will not be a single City that can compete with Los Angeles to land the biggest conventions, the biggest shows and the biggest, most important events." AEG unveiled a working model, blueprint and schematic designs of the development before an audience comprised of nearly 200 elected officials and business and community leaders, who applauded AEG's vision for downtown. The sports and entertainment district will be developed over an eight- to ten-year timeframe with construction commencing on the first phase by the end of 2004 or early 2005. "It's taken a long time and a lot of hard work but Downtown is once again a destination that keeps people looking for a good time - and their dollars - in Los Angeles," Mayor Hahn said. "STAPLES Center already brings thousands to the area and the city's Adaptive Reuse and other programs have created a permanent base of Downtown residents that will number 60,000 by 2007. This development will draw even more visitors to Downtown and will give the residents here entertainment options that are close to home while creating thousands of jobs and pumping billions of dollars into the economy that will support police, fire and other essential services citywide. The hotel adjacent to the Convention Center will multiply the impact the center has on Downtown and the city as a whole by keeping thousands of conventioneers on-site for the duration of their stay. I want to thank AEG, Lew Wolff and Richard Ackerman finally pulling together the necessary pieces to build the convention center hotel." The proposed convention center "headquarters" hotel will be a first-class facility that will greatly boost efforts to attract key conferences, exhibitions, conventions and corporate meetings to the convention center, strengthening the entire Los Angeles region's tourism and new business opportunities. Lewis Wolff will develop the hotel in partnership with Apollo Advisors and AEG. AEG officials reaffirmed that none of the City's general funds will be used to finance the hotel's development "This new hotel and entertainment district catapults Los Angeles into a world-class convention destination," said Lewis Wolff, Chairman and CEO, Wolff Urban Management. "I applaud the city's leadership for clearing away the hurdles and making this partnership possible." "This project, so vitally important to the city of Los Angeles, is moving forward because of the commitment and dedication of Lew Wolff and Richard Ackerman," Leiweke added. "The vision of these entrepreneurs who are willing to take a risk will establish downtown as the true heart of the city and bring billions of dollars into our economy." "A development of this magnitude catapults LA into the tourism limelight," said Mark Liberman, president & CEO of LA INC. The Convention and Visitors Bureau. "We are pleased that this development is moving ahead and look forward to sharing the end result with convention and leisure travelers from around the globe," added Liberman. It was also announced by Leiweke that Lawry's Foods and AEG were in discussions to develop a world-class food and flavor experience to be located within the entertainment district. At approximately 140,000 square feet, the project would include elements such as fine and casual dining, an exciting gourmet marketplace, culinary classes with broadcast capabilities, attractions built around the art, science and experience of flavor, along with research kitchens and headquarter offices. Other key components of the entertainment district include: -- NOKIA Theatre, a 7,000-seat live performance venue that in addition to being a stunning new concert facility will also become the permanent home of numerous awards shows and special events; -- Television and radio broadcast center with studios and production facilities capable of serving as a west coast regional headquarters for a major television network as well as multiple AM/FM radio stations. -- A 40,000 square foot open-air plaza designed to accommodate broadcast events, large celebrations, outdoor concerts, and festivals. The plaza also will serve as the primary limo drop off and red carpet zone for major events; -- Numerous high-end fine dining, casual and ethnic restaurants as well as nightclubs, coffee shops, and bistros which will provide a rich mixture of high quality food and settings, providing visitors with a true "Taste of L.A.;" -- An interactive that will include a permanent display as well as regularly updated interactive exhibits featuring nominees from the awards shows held at the surrounding facilities; -- A 4,000-seat multi-screen cineplex that also will serve as a choice venue for movie premieres; -- 5,300 new parking spaces will be added to supplement the existing parking supply servicing STAPLES Center and the Los Angeles Convention Center; -- Building space has been earmarked to host a major food brand. The four-level building will include restaurants, a unique marketplace, cooking classes with celebrity chefs, culinary retail, food channel broadcasting, thematic/educational attractions, research and development kitchens, corporate offices, and garden terraces; and -- 4,000 residential apartments and loft condominiums within three blocks of the sports and entertainment district are under construction or in the planning stages. "Congratulations to AEG for once more leading the charge in the revitalization of downtown Los Angeles. With sports, music, food, movies, media, and convention facilities all in one place, this is a destination people will not want to miss," Los Angeles City Council President Alex Padilla. "This new entertainment district is the result of a unique partnership between the City, the community, neighborhood organizations, private investors. And as a result, every resident and business in Los Angeles comes out a winner," said Los Angeles City Councilwoman Jan Perry who represents the 9th Council District where the project will be located. "By 2007, thousands more people are expected to call greater downtown Los Angeles home," said Carol Schatz, President and CEO, Central City Association of Los Angeles. "This amazing development brings to life the vision of a bustling, thriving downtown where people really can live, work and play." "The tourism industry drives the local economy, providing quality jobs, good wages and benefits for working families," said Miguel Contreras, Executive Secretary-Treasurer, Los Angeles County Federation of Labor, AFL-CIO. "This new development will offer more than just entertainment and housing, it will offer livelihood to thousands of hard-working men and women." "New housing, a growing retail sector, a successful convention center and hotel, and new entertainment district that will draw more people to Los Angeles is a winning combination for the entire region," said George Kiefer, Chair, Greater Los Angeles Area Chamber of Commerce. Additional Background NOKIA Theatre NOKIA Theatre is a 7,000-seat live performance venue that will be the premier mid-sized award show, special event and music venue for Los Angeles. NOKIA Theatre is expected to host awards shows such as the Latin Grammys, and ESPYs, as well as Dick Clark Productions, VH1, MTV, and BET programs among others. NOKIA Theatre also will offer live music concerts, comedy shows, family shows, and short-run Broadway and community theatre. Additionally, the theatre will be a choice venue for product launches, large seminars, and corporate shareholder meetings. Club NOKIA Club NOKIA will be a stand-alone club able to accommodate up to 2,400 people, and will feature up and coming music acts, bands, and cultural shows and serve as a special function space for private parties and corporate events. NOKIA Plaza NOKIA Plaza will be a 40,000 square foot (nearly one square acre) open-air plaza for special events, community gatherings, cultural festivals and performances. The plaza will be the outside anchor of the district, and will be able to accommodate broadcast events, large celebrations, outdoor concerts, and festivals. The plaza will have giant LED screen videos, and will serve as a meeting place for people attending conventions and STAPLES Center events. "As the trends of mobility and entertainment continue to merge, Nokia is focused on dramatically changing the live music and entertainment landscape here in Los Angeles," said Jo Harlow, Vice President of Marketing for Nokia. "Nokia Theatre Los Angeles will fulfill a largely vacant and underserved niche for premier, mid-size music and entertainment venues that provide an intimate setting for both performers and audiences." Television and Radio Broadcast Center Over 125,000 square feet of broadcast facilities that could serve as the regional headquarters for a national broadcast or cable network and will include a themed restaurant, bar and sports center. Additionally, a 16,000 square-foot radio broadcasting center will be created for multiple AM/FM radio stations and will include office and support space. Convention Headquarters Hotel The focal point of the entertainment district is a world-class convention "headquarters" hotel which will include 1200 guest rooms and substantial meeting, ballroom and amenity space and include up to 100 fully serviced upper level condominium units with valet, concierge and food services. The hotel will be the signature beacon of the district at approximately 50 stories in height with the main lobby opening onto Olympic Boulevard and facing the Central Business District. Future plans include a second high-end hotel which will be located east of STAPLES Center. This four-star property will include up to 300 additional guest rooms. A third hotel of up to 600 guest rooms is also planned for later phases of development. About AEG AEG is one of the leading sports and entertainment presenters in the world. AEG, a wholly owned subsidiary of The Anschutz Corporation, owns or controls a collection of companies including facilities such as STAPLES Center, The Forum (as exclusive booking agent for sports and entertainment programming), HealthSouth Training Center, NOKIA live at Grand Prairie and Kodak Theatre (as operator); sports franchises including the Los Angeles Kings (NHL), the Manchester Monarchs (AHL), Reading Royals (ECHL), Chicago Fire, DC United, Los Angeles Galaxy, Metrostars and San Jose Earthquakes (MLS), five hockey franchises operated in Europe and management of shares of the Los Angeles Lakers (NBA) and Los Angeles Sparks (WNBA) owned by Philip Anschutz; AEG Marketing, a sponsorship, sales, naming rights and consulting company; AEG Merchandising, a multi-faceted merchandising company; AEG Creative, a full-service marketing and advertising agency and AEG LIVE, a collection of companies devoted to all aspects of live entertainment including: AEG TV (formerly Spring Communications) devoted to creation and marketing of live events for pay-per-view and other electronic media; Creative Battery, producers of live entertainment for a variety of media and venues; AEG Tours & Special Events and Golden Voice, live entertainment promotion and touring companies. AEG LIVE is currently producing Celine Dion A New Day...Presented By Chrysler, a spectacular theatrical production starring Dion and an international cast of 60 dancers, musicians and artists and directed by Franco Dragone currently being performed exclusively at the Colosseum at Caesars Palace in Las Vegas. In addition, AEG has recently developed and opened The Home Depot Center, a $150 million national training "campus" in Carson, California designated as an "Official U.S. Olympic Training Site" by the United States Olympic Committee that includes major facilities for soccer, tennis, track & field, cycling, volleyball, basketball and other sports. The company was recently selected to fully develop the 28-acre Millennium Dome and adjacent property located in the eastern part of London along the Thames River and will create new arenas within the Millennium Dome and on a 50-acre site in the heart of Berlin. About Nokia Nokia is the world leader in mobile communications. Backed by its experience, innovation, user-friendliness and secure solutions, the company has become the leading supplier of mobile phones and a leading supplier of mobile, fixed broadband and IP networks. By adding mobility to the Internet Nokia creates new opportunities for companies and further enriches the daily lives of people. Nokia is a broadly held company with listings on five major exchanges. [ Back To TMCnet.com's Homepage ]