Demolition OKd to Make Way for Downtown Arena
The Los Angeles City Council on Tuesday approved the demolition of the Convention Center’s North Hall to make way for a downtown basketball and hockey arena.
But two council members, Nate Holden and Rita Walters, opposed the plan because the developers have not completed financing for the $300-million project.
The Staples Center is scheduled to open in the fall of 1999 as the new home of the Los Angeles Kings and Los Angeles Lakers.
Developers have said they secured a $6.9-million letter of credit from the Bank of America as a guarantee to cover the cost of the depreciated value of the North Hall.
Still, Walters objected, saying that the deal was akin to allowing a prospective home buyer to demolish the house while the project was still in escrow. Holden blasted his council colleagues, saying that the incomplete financing was “not the first mistake” made by the developers.
Other council members sided with city officials and the developers, including Kings’ owners Philip Anschutz and Ed Roski Jr., who have indicated that financing is secure for the project.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
