Staples Trying to Buy Block Across Street

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.--which owns the Staples Center--needs to create an entertainment district around the $350-million sports facility. In April, L.A. Arena formed a partnership to take control of most of the block northeast of the Staples Center, which will serve as the home to the Lakers, Kings and Clippers

“We hope to strike a deal very soon,” arena spokesman Michael Roth said. “If we acquire it . . . the plans for the property are to integrate it into the entertainment district.”

Officials for Bank of America could not be reached for comment.

The businesses and property owners surrounding the Staples Center are expected to benefit from the throngs of visitors drawn to events at the 20,000-seat arena, which is scheduled to open in the fall.