SBJ/April 21-27, 2014/Facilities

AEG completes condominium sale at L.A. Live

AEG hit a milestone by selling the last of its luxury condominiums at L.A. Live, the entertainment district across the street from Staples Center.

Photo by: BRYAN CHAN / PHOTOWORKS
Getting exclusive access to tickets for the Lakers, Clippers and Kings at one of the busiest facilities in North America drove sales of the 224 units, said Todd Goldstein, chief revenue officer for AEG, the arena’s owner and developer of The Ritz-Carlton Residences at L.A. Live.

“I think it speaks to the power and influence and really the excitement of what can

AEG sold 224 condos at L.A. Live with Staples Center as a draw.
Photo by: AEG

happen when you build an urban destination next to the lure of these teams,” Goldstein said. “Buyers wanted the panache of being near sports … to walk to a game and go to their residence right afterward.”

The Ritz-Carlton Residences at L.A. Live sit on floors 27 through 51 of the same tower that houses the JW Marriott and Ritz-Carlton hotels.

About 20 percent of condominium owners hold season tickets among the three teams, Goldstein said. For other residents, AEG has a concierge service that offers the opportunity to buy individual tickets for arena events, including suites and club seats reserved for single-game sales, Goldstein said.

Elsewhere, Nationwide Arena anchors the Arena District, a mixed-use project in Columbus. Nationwide Realty Investors developed 207 condos near the home of the Blue Jackets and 93 percent are sold or under contract, leaving 16 available units, company officials said.

In Los Angeles, almost seven years passed from groundbreaking on the condo project to the sale of the final unit this month, a stretch that included the worst economy since the Great Depression. Despite the downturn, Goldstein said AEG never compromised its position by dropping prices.

Its patience paid off in the long run. The last 100-plus condos, about half the total number of units, sold over the last 12 months, providing a snapshot for the overall redevelopment of downtown Los Angeles. Many potential buyers wanted to see the view from the condos during sunsets, and from there, AEG sales agents would take them across the street to an NBA or NHL game.

Depending on available land, AEG could potentially extend the model to other entertainment districts next to arenas it runs domestically and overseas, Goldstein said.

“We have already seen many people coming into both London and Berlin adjacent to where we are, trying to do similar things,” he said.


Return to top

Related Topics:

Facilities

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug