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E3 Expo venue to undergo upgrade
Great news for the talkxbox staff that will be going in the next few years...once this project is done.
Fox sells remaining interest of Staples Center to financier Philip Anschutz; plans to build entertainment and hotel complex to impact E3 attendees in near future.
The area immediately surrounding the site of E3 Expo, the Los Angeles Convention Center (LACC), has never really impressed anyone with a sense of urban ambience. Yes, there's the Staples Center immediately to the north, but the other nearby city blocks proximate to the LACC are either devoid of buildings, are asphalt-laden parking lots, or are dotted with down-trodden and mildly depressing office buildings. But that may soon change--for the better.
Last week, The Los Angeles Times reported that Fox Entertainment Group Inc. had sold its 40 percent stake in Los Angeles' Staples Center to Anschutz Entertainment Group, the enterprise that already owned the other 60 percent portion of the sports complex.
The sale opens up the almost certain likelihood of massive development of the 28 acres that surround the sports facility and convention center. The winners in the transaction include all of Los Angeles, but also attendees and exhibitors to the annual E3 trade show--those visitors to Los Angeles' downtown will soon have an additional hotel to seek lodging in as well as numerous entertainment and dining options that will be included in the new development.
Anschutz is reportedly poised to begin construction on a $1 billion project dubbed L.A. Live. The four million square foot complex would house a 7,000-seat theater and a $300 million, 1,200-room hotel with numerous shops, restaurants, offices, additional smaller hotels, and housing units springing up from its core occupants.
The Times reported that Anschutz paid $200 million to Fox, although neither company has publicly stated a sales figure.
Anschutz adds the Staples Center to its already vast holdings, including the London Arena, the National Hockey League's Los Angeles Kings, Major League Soccer's Los Angeles Galaxy, Chicago Fire, and DC United, as well as six hockey franchises in Europe and a stake in the Los Angeles Lakers.
Reportedly, construction on the new facilities could begin as early as this year.
By Curt Feldman -- GameSpot
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