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Roski Will Unveil Plan for NFL Stadium in Los Angeles (Update1)
By Daniel Taub
April 17 (Bloomberg) -- Developer Edward P. Roski Jr. will unveil plans today to build a National Football League stadium in Los Angeles in an effort to lure a team to the city.
The arena would be built on an almost 600-acre site in the City of Industry and include 75,000 seats and 175 suites, according to a stadium Web site. It would be surrounded by a complex including a shopping mall, office buildings, restaurants, a movie theater and a Broadway-style theater.
Roski, part owner of the city's Lakers basketball and Kings hockey teams and chief executive officer of Majestic Realty Co., has sought to bring professional football back to Los Angeles for more than a decade. Eleven years ago, Roski teamed with billionaire Philip F. Anschutz in an unsuccessful bid to gain an NFL expansion team for the Los Angeles Memorial Coliseum.
Roski plans to make the announcement this morning at Staples Center, the basketball-and-hockey arena he helped build with Anschutz. He calls his new project Los Angles Stadium. He didn't immediately return a message left at his office.
``We're aware of it and we will monitor developments,'' Greg Aiello, a spokesman for the NFL, said of Roski's plan.
Los Angeles, the second-largest U.S. city, has been without an NFL team since 1995, when the Raiders moved back to Oakland, California, after playing at the Coliseum for 13 years, and the Rams left nearby Anaheim for St. Louis.
Super Bowl Plan
The new arena would anchor 2.9 million square feet of commercial space, including 1.5 million square feet of office buildings, 833,000 square feet of retail shops, 162,000 square feet of restaurants, a 5,000-seat live theater, and movie theaters with 1,200 seats. It would be expandable to 80,000 seats for Super Bowl games.
The stadium would cost about $800 million and be ready for the 2011 football season, Roski said in an interview with the Los Angeles Times yesterday. Roski wants the NFL to provide a $150 million loan and commit to holding at least one Super Bowl there, the newspaper reported on its Web site.
Roski was ranked No. 195 on last year's Forbes list of the 400 richest Americans, with an estimated net worth of $2.3 billion. His company is a closely held developer of industrial, retail and other commercial properties. It owns, manages and leases about 70 million square feet of space.
In addition to the Coliseum, the Rose Bowl in Pasadena as well as sites in the cities of Anaheim, Carson, Inglewood and Irwindale have been pitched to the league as stadium sites by other developers.
The City of Industry location is about 25 miles (40 kilometers) east of the Coliseum.
California lawmakers yesterday pulled a proposal backed by the City of Industry to divert $829 million in county property tax revenue from basic government services to subsidize development projects, the Los Angeles Times reported today. Opponents of the measure, including Los Angeles County Supervisor Gloria Molina, said the money shouldn't be used just to attract an NFL team, the newspaper reported.
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So they are going to build this stadium with just the hope of luring a NFL team? Is that right? With no more certainty of usage than a maybe, I don't see this happening...
But, if there are backroom discussions being held with an existing NFL owner, or perhaps even USC, then that's a different story.
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-Samuel Langhorne Clemens
Which city would be the most likely candidate to lose their team?
Is there a city that has not passed new stadium funding?
Last night they were mentioning City Of Industry. Between the 60 and 57 Freeways.
__________________ “I'm going to go out Monday through Friday and work hard and try to help this team win, because God knows we need a win,”Anquan Boldin.
Last night they were mentioning City Of Industry. Between the 60 and 57 Freeways.
I was asking which current team would lose their team, so that LA could get one. 32 teams is a magic number for the league, I can't see them adding more anytime soon.
If you based it on Attendance and lack of stadium, I would have to say Oakland. How funny would that be? Aren't the Chargeers also trying to get a new stadium too?
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Jacksonville. That market is too small. They've had to block off seats in that stadium even though they are usually a playoff team. There are rumors the owner wants to sell. Given all those bad factors, I see Jacksonville as the best candidate to be in Los Angeles in the future.
I've maintained for years that the Raiders would certainly be a candidate to move back to L.A.
IMO, here are the options:
New Orleans
Jacksonville
Buffalo
Oakland
Minnesota
San Diego
And, I have heard some rumors that the Rams might also be a potential franchise to move as well. Now that Georgia is gone, there might not be as much of a pull to keep the Rams in St. Louis.
And with Buffalo - they'll probably move to Toronto if anywhere, but they've been rumored for a while as well.
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