The planned $900 million Convention Center hotel got an official kick start Friday when the new backers of the financially troubled project were introduced to a host of business and civic leaders, as well as state and local officials.

MacFarlane Partners, a San Francisco investment firm, will provide as much as $400 million in financing., while Wachovia Corp. is acting as a name sponsor, which will give the bank signage throughout the project. The financial committment of the Charlotte, N.C. based bank has not been detailed. Wachovia has expanded its Southern California and West Coast presence over the past year through acquisitions.

The brief groundbreaking ceremony which involved shoveling dirt beneath a chandelier hoisted up by a crane capped off a morning of speeches at the construction site. The 54 story tower is the centerpiece of the 4 million-square-foot L.A. Live development across the street from Staples Center and is designed to attract more events to the nearby convention center.

Gov. Arnold Schwarzenegger, Mayor Antonio Villaraigosa and State Assembly Speaker Fabien Nunez addressed a crowd of about 150 people, including Denver billionaire Philip Anschutz, who is developing L.A. Live and the hotel through his Los Angeles-based AEG, which developed and owns the Staples Center.

“This shows you all believe in the future of Los Angeles,” said Schwarzenegger, adding that he committed only Friday morning to buying a condominium in the mixed-use hotel tower, which will include a JW Marriott hotel, a Ritz-Carlton hotel and residences.

The involvement of MacFarlane Partners was first reported by the Business Journal in April. MacFarlane stepped in when KB Home pulled out of the project after the resignation of the Los Angeles home builder’s longtime Chief Executive Bruce Karatz, who had championed the development.