June 13, 2006
The proposed 124-room Ritz-Carlton, which would be downtown's first five-star hotel, and the 876-room Marriott Marquis will be topped by 216 luxury condominiums.
The $750 million project, which would be one of the city's largest buildings at 2 million square feet, is scheduled to open in 2010. It would anchor the 27-acre sports/entertainment complex L.A. Live.
"All of this is really a wonderful story about the emergence and reemergence of downtown Los Angeles as a strong economic center and a strong weight to the region's economy," said Stuart Gabriel, a University of Southern California professor and director of its Lusk Center for Real Estate.