The owner of Staples Center detailed plans Tuesday for a $1 billion, 5.5 million-square-foot sports-entertainment-residential complex that would be one of the largest developments in downtown history. The LA Live development by the Anschutz Entertainment Group would include retail, live theater, premiere movies, restaurants and housing, the Daily News of Los Angeles reported. It is envisioned as becoming "Times Square West" and the permanent home for a variety of award shows with a Grammy museum, in addition to facilities for a major sports/entertainment broadcasting company yet to be disclosed. The complex is envisioned to dovetail with a proposed 1,100-room, 56-story Hilton hotel adjacent to the ailing Convention Center.
Kinsley Leaves The Times
Los Angeles Times editorial page editor Michael Kinsley is leaving the newspaper after a little more than a year, saying his attempts to alter opinion journalism and buff up its profile on the Internet mostly failed, the paper reported. Times Publisher Jeffrey M. Johnson announced Kinsley's departure Tuesday and said he has been replaced by Andr & #233;s Martinez, his top assistant. Martinez, a former finalist for the Pulitzer Prize, is the first Latino to head the paper's editorial and opinion pages. The press release announcing the change said Kinsley was "resigning," but the outgoing editor said in an email that Johnson "actively wants me gone." Kinsley spent 14 tumultuous months at The Times. He helped found the online magazine Slate before being hired in April 2004 to run The Times' daily and Sunday opinion and editorial pages.
Southland May Lose Nissan Headquarters
Executives at Nissan Motor Co. are studying moving its North American headquarters in Gardena to Tennessee or Texas as a cost-cutting step. The study stems from Nissan Chief Executive Carlos Ghosn's drive to slash general operating and administrative expenses worldwide next year, the Los Angeles Times reported. One possibility being studied is consolidating Nissan's Southern California offices with its U.S. manufacturing headquarters in Smyrna, Tenn. Another is moving Nissan's North American management to Dallas, where Nissan has a large finance operations center. Nissan North America employs about 1,300 people in Gardena and Carson.
NFL Plan May Be at Risk
Concerned that a new law might be used to lure the Raiders, Chargers or 49ers to Los Angeles, the state left Coliseum officials, the city attorney and local political leaders scrambling Tuesday to keep alive a key component of the Coliseum's proposal to bring a NFL team to Los Angeles. The redevelopment legislation calls for any increases in tax revenue in the Hoover Redevelopment Zone the area surrounding the Coliseum that are spurred by a $500 million renovation of the Coliseum to be put back into the area's infrastructure and public housing, the Daily News of Los Angeles reported. While these benefits apply only if a team relocates to the Coliseum from outside California, state agency I-Bank, wants the language to be stronger that the Coliseum will not allow a team to relocate.
Proposed Port Railroad Hub Would Cut Pollution
A proposed railroad cargo facility that would sprawl across the border between Wilmington and Long Beach would feature low-emissions equipment for hauling cargo containers, eliminating thousands of truck trips daily on the Long Beach Freeway, the Burlington Northern Santa Fe railway said. The $175 million Southern California International Gateway container yard is under consideration to help the ports of L.A. and Long Beach gear up to handle an expected tripling of cargo volume by 2025. It would not begin operations until 2009 or 2010. After the new facility opens, most of the containers would be loaded onto rail cars and would travel downtown via the Alameda Corridor, eliminating nearly 700,000 truck trips on the freeway per year, the Daily Breeze reported.
Port of L.A. Gets $11.4 Million 'Layer of Security'
The Port of Los Angeles will receive an additional $11.4 million in federal funding to upgrade security under a new grant formula designed to funnel money to ports thought to be at the greatest risk of a terrorist attack, the Daily Breeze reported. The neighboring Port of Long Beach will get $12.8 million under the program, making the combined funding one of the largest awards for the port complex since the 9/11 attacks prompted officials to beef up transportation security. The money will be used for an explosives detection and prevention system, video surveillance and fiber-optic data-sharing lines. The L.A. port had received $15.4 million in four previous rounds of grants.
Storm to Hike Home Prices
Rebuilding the devastated Gulf Coast will result in shortages of construction materials nationwide, making it more expensive to build in markets like California and pushing up housing prices across the state, the National Association of Realtors said Tuesday. While providing housing for Hurricane Katrina's evacuees coupled with low interest rates will ease the disaster's economic blow, the resulting materials shortage is expected to push up new home prices, which in turn will increase spillover onto the existing home market, the Daily News of Los Angeles reported.
TCW Chief to Give Up Post, Remain Chairman
Robert A. Day, one of the pioneers of L.A.'s money management industry, said Tuesday that he would hand the reins of giant TCW Group to a younger team of executives on Oct. 1. The shift comes as the company and other money managers face growing competition from the army of hedge funds touting high-return investment strategies. Daly said Robert D. Beyer would succeed him as chief executive of TCW, which manages $115 billion in stocks, bonds and other investments for a roster of big-name clients worldwide, including Eastman Kodak Co. and the California State Teachers' Retirement System, the Los Angeles Times reported.
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