NEWS
May 8, 2012 | By Sam Farmer
While the legislature in Minnesota continued to work on a solution to keep the Vikings, AEG on Tuesday unveiled its latest vision for an NFL stadium in downtown Los Angeles. Two weeks remain in the public-comment period of AEG's environmental impact report on the concept, and the company hopes to have its approvals in place by late summer, with the goal of luring a football team back to L.A. next spring. AEG's is one of two competing stadium proposals, with the other in City of Industry.
CALIFORNIA | LOCAL
May 1, 2012 | From Los Angeles Times staff reports
Numerous streets in downtown Los Angeles and beyond will be closed Tuesday for May Day marches. According to the Los Angeles Police Department, the following streets downtown will be affected, beginning as early as 7 a.m. and continuing until 7:30 p.m: •Broadway between 11th and Temple streets •Olympic Boulevard between Hill and Main streets •9th between Hill and Broadway •8th between Spring and Broadway ...
BUSINESS
May 1, 2012 | By Roger Vincent, Los Angeles Times
MPG Office Trust Inc., the largest office landlord in downtown Los Angeles, eked out a first-quarter profit propelled by property sales and debt forgiveness. The Los Angeles real estate investment trust — which also owns buildings in Glendale, Pasadena and Orange County — stuck to its strategy of letting go of properties that were heavily encumbered with debt. MPG finished the quarter that ended March 31 with a profit of $5.2 million, or 10 cents a share, compared with a loss of $39.5 million, or 81 cents a share, in the same period of 2011.
BUSINESS
April 16, 2012 | By Roger Vincent, Los Angeles Times
Former executives of office landlord MPG Office Trust Inc. have launched their own property company with the purchase of a landmark Los Angeles office building. Nelson and Christopher Rising of Rising Realty Partners expect their acquisition of Pacific Center at 6th and Olive streets to close Monday. Terms of the purchase from Alliance Commercial Partners were not revealed, but experts familiar with downtown real estate prices value the deal at $60 million. The new owners will change the name of the complex to the PacMutual Building, in keeping with origins of the Beaux Arts-style complex that can be traced to railroad tycoons Charles Crocker, Leland Stanford and Mark Hopkins.
CALIFORNIA | LOCAL
April 16, 2012 | By Ari Bloomekatz, Los Angeles Times
As cars whizzed by and trucks honked, two dozen members of the East Side Riders from Watts slowly pedaled their cruisers up Central Avenue early Sunday. Their destination was seven miles away: CicLAvia, a rare opportunity to enjoy 10 miles of car-free streets in downtown Los Angeles and beyond and to soak up the spirit of what turned out to be a citywide block party. "Watts in the house!" boomed a disc jockey as the group pulled into the African American Firefighter Museum and joined an estimated 100,000 people who biked, walked or skated block after block without having to dodge a car or bus. "Right now they're going to get a chance to ride the streets without cars interfering with their leisurely bike ride," John Jones said of his fellow Riders members.
CALIFORNIA | LOCAL
April 16, 2012 | By Ari Bloomekatz, Los Angeles Times
Los Angeles Mayor Antonio Villaraigosa will unveil a $16-million bike-share program Sunday that aims to put thousands of bicycles at hundreds of rental kiosks across the city. Initial plans are to add 400 stations and 4,000 bicycles over the next 18 to 24 months in areas around downtown Los Angeles, Hollywood, Playa del Rey, Westwood and Venice Beach. The private investment from Bike Nation will not need any city money, according to the mayor's office and the company. Bike Nation has agreed to a minimum contract of 10 years.