Plan OKd for Hotel Complex Including Kings, Lakers Camp

The City Council has approved a 23-acre development in El Segundo that will include two hotels, office and retail space and a state-of-the-art training facility for the Los Angeles Kings and Lakers.

Developers Kearney Real Estate, a subsidiary of Morgan Stanley Real Estate, plan to spend more than $200 million to turn a vacant lot on Grand Avenue into the Grand Avenue Corporate Center. Developers are hopeful that construction will begin in August and estimate that the project will be completed in five years.

The site will include a 200-room Hilton Garden Inn and an extended stay hotel with about 150 rooms. The center will also include an office and retail center with more than 600,000 square-feet.

Additionally, a 120,000 square-foot training center for the Kings and Lakers would be built to include a basketball court and two ice rinks and corporate office space. The training center will be open to the public when not in used by the teams.

Jim Hansen, city director of economic development, said the project will create 2,000 to 4,000 jobs and about $2.6 million in revenue to the city.

“This is a tremendous project that will help us diversify our economic base with a range of businesses while boosting net city revenues,” Hansen said. “It is also going to help us as we recover from the aerospace and defense industry reductions.”