AEG Backs Away From Stadium Plan, San Pedro Street Slated for CRA Zone
Plans to build a stadium to host National Football League games just west of the Los Angeles Fashion District were recently tabled once again after the principal financing group, Anschutz Entertainment Group (AEG), announced that it is backing away from further investments because of recent political tugs-of-war taking place between local jurisdictions.
Tim Leiweke, president of AEG, which counts Staples Center and the Kodak Theater at Hollywood & Highland among its holdings, said the group’s investors have been turned off by recently announced plans by the Los Angeles County Board of Supervisors to sue the city of Los Angeles over a redevelopment plan that supported a $450 million stadium/hotel project on land in between Staples Center and the Fashion District. The county wants the land for other public uses such as hospitals and housing.
Earlier, another group that wants to turn the Coliseum near the University of Southern California into an NFL venue announced that it is ready to commit $1 million to promote the site. However, the NFL has previously disapproved of the site.
While plans west of the Fashion District are on hold, land on the eastern border of the district is taking shape and could pose opportunities for apparel manufacturers, as the Los Angeles Community Redevelopment Agency (CRA) is proposing to create a 738-acre redevelopment zone east of San Pedro Street.
The zone, dubbed the Central Industrial Redevelopment Project, borders the eastern section of the Fashion District, where many firms already have holdings. A new project area would pump in money to help revive blighted areas and improve logistics. The area is home to relatively small buildings, generally no larger than 25,000 square feet. Firms including American Apparel have taken up residence near there.
The proposed zone would border San Pedro Street on the west, Santa Fe Avenue on the east, the I-10 freeway to the south and Third Street to the north.
Plans are to bring the proposal to the CRA this summer and to the City Council by the end of the year, said city officials. —Robert McAllister
