Edward P. Roski, Jr., the developer behind the Staples Center, announced plans Thursday to build a state-of-the-art NFL stadium in the City of Industry.
The stadium, to be called “Los Angeles Stadium” is slated to be at the 60 and 57 freeways and is expected to cost significantly less than NFL stadiums currently under construction, Roski’s Majestic Realty Co. said in a statement Thursday morning.
The project is proposed to begin construction by the end of this year and will be completed for the 2011 NFL season, the announcement said.
The L.A. billionaire already controls the 600 acres necessary to build the stadium and adjoining facilities and has already completed and submitted a certified environmental impact report for the site. The stadium will be constructed with private funds, the announcement said. Executives from the NFL have visited the site, Roski said. No prospective team was named.
However, the proposal suffered an apparent setback Wednesday when state lawmakers blocked an effort by the City of Industry to divert $820 million in property tax revenue to use for development subsidies. Thwarting the subsidies may make the effort more difficult.