The recently approved L.A. Convention Center Expansion and Modernization Project will create more than 15,000 jobs and generate an additional $652 million in tax revenue over the next three decades, according to the Los Angeles Tourism & Convention Board.
The project, which has a budget of $2.6 billion, will combine the South and West Exhibit Halls for one 750,000 square-foot hall. It will also add 134,000 square feet of meeting and multipurpose spaces.
As far as the price tag goes, Mayor Karen Bass said she and the City Council recognize that “this is a very, very serious investment. None of us take it lightly.” At a press conference, Bass said “it’s the type of risk that one has to take in order to make a qualitative leap forward … It is an investment in our city and an investment in our economy and it’s a major step forward in the effort to revitalize downtown L.A.”
The upside
As a result of the project, the city expects an additional $150 million in visitor spending on an annual basis. Adam Burke, president and chief executive of Los Angeles Tourism, stressed that the economic impact of this project will extend beyond downtown but reach through to the entire city. Noting that convention and trade shows generate more than $8 billion in sales annually for local businesses, Burke said small businesses in particular can see an upside from the expansion project.
“Think about the family-owned catering company in Crenshaw, the florist in Boyle Heights, the entertainment company in Hollywood, the event planner in Venice,” Burke said. “No matter where you go in our community, small businesses thrive because the Los Angeles Convention Center thrives.”
Additionally, he pointed out that close to 100 major conventions have indicated they would consider bringing their events to the L.A. Convention Center specifically as a result of this expansion. Bass said this additional business will work to fund to the project.
Construction is expected to begin this month with 80-90% of the project completed by the 2028 Olympics.
