L A Arena Co

The owners of Staples Center and a nearby hotel Monday said they have joined forces in an important step toward the development of a 28-acre entertainment district adjacent to the new sports arena in downtown Los Angeles. A partnership formed by L.A. Arena Co. and the owners of the 195-room Holiday Inn City Center northeast of Staples Center will ensure that future development on the site fits into a master plan for the entertainment district, according to arena spokesman Michael Roth.

The owners of Staples Center and a nearby hotel Monday said they have joined forces in an important step toward the development of a 28-acre entertainment district adjacent to the new sports arena in downtown Los Angeles. A partnership formed by L.A. Arena Co. and the owners of the 195-room Holiday Inn City Center northeast of Staples Center will ensure that future development on the site fits into a master plan for the entertainment district, according to arena spokesman Michael Roth.

A group affiliated with L.A. Arena Co.--owner of the Staples Center--has agreed to purchase the Great Western Forum in Inglewood. Sources said the Forum--owned by Jerry Buss--was acquired in a deal valued at less than $20 million. L.A. Arena will operate the Forum once the sale is completed, giving it control of two of Los Angeles' major sports and entertainment venues.

One of Los Angeles' largest apartment builders has offered to buy the Forum sports and entertainment complex in Inglewood as part of a sprawling residential project. But the proposal by Beverly Hills-based Casden Properties Inc. has run into opposition from Inglewood Mayor Randolph Dorn, who wants to transform the Forum--the former home of the Lakers basketball team and the Kings hockey franchise--into a convention center or into some other commercial use.

Construction on the new downtown basketball and hockey arena could begin in January, developers say, after a 12-1 Los Angeles City Council vote Tuesday approving final development agreements on the $300-million facility. The council action paves the way for developers to secure financing and begin preliminary work on the project.

The owners of the Staples Center on Friday said they are in negotiations to buy nearly an entire city block across the street from the sports arena for a 30-acre entertainment and retail center. The property at the southeast corner of Figueroa and 11th streets is owned by Bank of America, which operates a huge regional cash vault on the site. The parcel is one of the last major remaining pieces of land the L.A. Arena Co.

About $500 million of municipal bonds used for Staples Center in Los Angeles and arenas in four other cities that are home to National Hockey League teams may have their credit ratings reviewed by Fitch Ratings because of the canceled season. The NHL ended the season Wednesday after locking out players for 154 days. Fitch analyst Chad Lewis said Thursday that the ratings might hinge on whether the league could avoid having to cancel next season.

Adding to its array of properties in its attempt to become the dominant player in Southern California sports, L.A. Arena Co. and its majority owners, Philip Anschutz and Ed Roski, have exercised an option to buy 25% of the Lakers. Terms of the deal, announced Wednesday, were not disclosed. The option was granted on June 14, 1996, in conjunction with the Lakers' agreeing to become a tenant in the new Staples Center, a $300-plus million, 20,000-seat downtown facility that will also house L.A.

Construction on the new downtown basketball and hockey arena could begin in January, developers say, after a 12-1 Los Angeles City Council vote Tuesday approving final development agreements on the $300-million facility. The council action, which came with little fanfare, paves the way for developers to secure financing and begin preliminary work on the project.

The family of a toddler who died after plunging at least 30 feet from a luxury box at Staples Center has filed suit against the owners of the venue, alleging that a poorly designed barrier led to the death. The suit, filed in Los Angeles County Superior Court, names Staples Center owner Anschutz Entertainment Group and the operator of the arena, L.A. Arena Co., as defendants in connection with the death of Lucas Tang, 2, who fell from the box after a Lakers game last year. Lawyers for the family allege that the barrier in front of the boxes was only 2 feet high and that the owners provided "no warnings of the dangerous condition, either by signs, oral statements by employees, or otherwise.

Several environmental groups announced their opposition to the plan for a new downtown sports arena Monday, charging that developers were not being required to do enough for people living near the Convention Center who will have to cope with increased traffic. The Sierra Club complained that the arena will be a huge concrete mass, offering few benefits to nearby residents, who probably will not be able to afford ticket prices for Lakers and Kings games.