New Downtown LA Development Plan Announced

Developers recently unveiled plans for a $750 million, 1,000-room hotel complex near the Los Angeles Convention Center.

KB Urban, a subsidiary of publicly traded KB Home, and Anschutz Entertainment Group, the developer of Staples Center, will team up with Marriott International Inc. to build a five-star Ritz-Carlton and a four-star Marriott Marquis in a 54-story, 2-million-square-foot project topped by 216 luxury condominiums.

The project, scheduled to open in 2010, would anchor L.A. Live, the 27-acre sports-entertainment complex considered the linchpin of downtown's redevelopment.

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