The local economy isn't exactly rockin.' But you wouldn't be able to tell by looking at downtown's skyline, which is starting to resemble an instant city in China.
The latest high-rise planned for downtown Los Angeles will break ground early next year and take the form of a Renaissance Hotel, developers have announced.
The 450-room venue will be at least …
… 20 stories tall and will go next to a 24-story structure, already under construction, that will house a Marriott Courtyard and Residence Inn.
The blueprints haven't been drawn up yet, so it's not clear exactly how tall the thing will end up being, but it'll be 20 stories in the minimum, we were told.
The announcement was made by Anschutz Entertainment Group, owner of LA Live, and developer Williams/Dame & Associates.
The building will go up on the northeast corner of Olympic Boulevard and Georgia Street, according to a statement. That's near Staples Center, also owned by AEG.
Developers say the area could use the hotel rooms because the massive Wilshire Grand, which used to be nearby, is no more. (L.A.'s tallest building is planned for that site.)
The project will result in fourth Marriott-branded hotel in the LA Live area.
The cost? $200 million. The opening date? Sometime in 2016.
AEG president Tim Leiweke describes the development almost as a gift to Angelenos:
This project furthers our commitment to the City of Los Angeles to deliver much needed high quality hotel rooms in downtown to support the anticipated modernization and expansion of our Los Angeles Convention Center.
That anticipated modernization and expansion includes a possible AEG takeover of the taxpayer-owned facility, part of its dream to build an NFL stadium where the Convention Center's aging West Hall now stands.