Press Release
The Ritz-Carlton Residences at L.A. Live Closes First Escrow
February 15, 2011
The Ritz-Carlton Residences at L.A. Live has closed escrow on its first condominium unit and has opened its doors to homeowners.
The Ritz-Carlton Residences occupy the top half of the 54-story Hotel & Residences at L.A. Live, which serves as the cornerstone of L.A. Live, the widely acclaimed sports, residential and entertainment district developed by AEG on land adjacent to the Staples Center and the L.A. Convention Center in downtown Los Angeles.
MacFarlane Partners invested in the development of the L.A. Live high-rise through a joint venture with AEG one of the leading sports and entertainment presenters in the world. The firm made the investment on behalf of MacFarlane Urban Real Estate Fund II, its institutional real estate fund that invests in development, redevelopment and repositioning projects in urban and high-density suburban areas nationwide.
In addition to the Ritz-Carlton Residences, which total 224 for-sale condominiums, the Hotel & Residences at L.A. Live houses an 878-room JW Mariott hotel and a 123-room Ritz-Carlton Hotel. The two hotels opened in 2010.
An estimated 60 percent of the Ritz-Carlton Residences currently are in escrow. Prospective homeowners may choose among one-, two-, and three-bedroom condominium units, along with 12 penthouses, all of which are supported by the Ritz-Carlton Hotel’s legendary, 24-hour, world-class service.
The entire L.A Live district encompasses four million square feet and also features the Nokia Theatre LA. Live, home to the EMMY Awards, the ESPY Awards and the American Music Awards; Club Nokia, a 2,300-seat, live-music venue; the Regal Cinemas L.A. Live Stadium 14 movie theater; 13 restaurants, including Wolfgang Puck Bar and Grill; the GRAMMY Museum; and ESPN broadcast facilities; all of which are configured around the 40,000-square-foot, open-air Nokia Plaza.
Click here to read the press release issued by AEG on February 15, 2011.
All News ›
