LA Live over budget; details MIA

Buried amid yet another piece of puffery on AEG head Tim Leiweke comes word that the massive L.A. Live complex is over budget. A Business Journal story appears to be referring to the 54-story hotel and condo tower that's the centerpiece of the $2.5 billion complex. Leiweke wouldn’t talk specifics (what a surprise), instead vaguely noting that "You're never in the ballpark when it comes to construction budgets." About a year ago, the pricetag on the tower was $600 million and then was upped to $750 million. You might remember that the City Council signed off on a public financing package of tax breaks and fee waivers totaling around $300 million on the hotel project. Also noted in the story: The Nokia Theater, which according to AEG flackery is still expected to be completed in October, has booked 150 events for its first year of operation. Again, no specifics. Like all aspects of the LA Live development - a story that has been mostly ignored by news organizations in town - who knows which numbers are real and which ones are just made up. AEG sure ain't telling.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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