March 28, 2011
Four out of five L.A. realtors say: Buy land near new NFL stadium!
Yesterday's Los Angeles Times business section has a long article headlined "L.A. football stadium plan has firms scoping out the neighborhood." So sports stadiums really can be economic catalysts for underdeveloped neighborhoods! Let's see, how many local business owners did the Times interview for their story?
The answer, it turns out, is zero. The only evidence for its story is a single commercial real estate broker, who claims that several large chain stores are "looking at downtown L.A." thanks to the prospect of an NFL deal.
Now, this guy may be right — though "looking at" isn't the same as "buying," needless to say. But the larger point is that a realtor who's looking to make his money by selling downtown properties to chain stores has a vested interest in making it seem like downtown is a hot locale for chains to relocate to. Not that that usually stops major newspapers from basing entire stories on what these guys say, but we can always hope.
In other AEG NFL stadium news, the first public hearing has been set for this Wednesday at 4 pm, at the convention center hall that would be demolished and rebuilt to make way for the new arena. Expect the realtors to be out in force with their testimony.
Poll conducted by the Long Beach Press Telegram
Today's Poll:
Do you think Los Angeles should spend money to help build a football stadium?
Total Votes = 137
Yes
26 Votes, or 18.97 %
No
111 Votes, or 81.02 %
Poll conducted by people not from Long Beach
Today's Poll:
Do you think people from Los Angeles should acknowledge Long Beach?
Total Votes = 137
Yes
26 Votes, or 18.97 %
No
111 Votes, or 81.02 %
and the Staples Center has been such a huge flop and did nothing to spur development around it....all of those buildings in a distressed area of town would have been built anyway....yeah...right---
Posted by SanJoseA's on March 28, 2011 08:48 PM
And why are you comparing a sports arena with a football stadium? There is no comparison. Staples Center didn't require LA taxpayers to provide $350 million in bonds. I don't know what makes you think the new projects around Staples Center are doing well. Unless there's a Laker or Kings game, most of the spaces at LA Live are dead.
Posted by taxpayerripoffs on March 29, 2011 10:27 AM
a football stadium that doubles as a convention center is very comprable to a sports arena in terms of the total potential for booking dates---the Staples center is one of the most booked arenas in the world (more than 250 dates) so your comment about..."unless there is a Kings or Lakers game..." is pretty useless....how about concerts, NCAA, and oh by the way--Clippers play there also--bottom line the Staples Center has had a significant economic impact in that particular area of LA--without it it would still be a wasted depressed area of downtown LA---add a football stadium that doubles as a convention center and you've just added another valuable component---
Posted by SanJoseA's on March 29, 2011 12:21 PM
There is zero chance of a football stadium/plenary hall doing 250 days a week of business a year. See:
fieldofschemes.com/sanders.html
Posted by Neil deMause on March 29, 2011 12:29 PM
said it was comprable in terms of total potential booking dates--didn't say it would book 250--but its not the 20 or so for a 2 team stadium---the reference to 250 was relating to the comment that nothing is happening in that area unless one of the teams are playing--nothing happens at office business parks on the weekends either---and there are quite a few of those empty dates--well more than 100---
Posted by SanJoseA's on March 29, 2011 12:38 PM
I am O.K. with having a football stadium downtown (and the giveaway to AEG that it implies), but let's be honest about LA Live. It draws well during basketball/hockey season weekends, but otherwise it struggles.
Notice that Anschutz (the "A" in AEG) has been quiet on the subject of the football stadium. My hunch is that he is unhappy with L.A. Live and that Tim Leiweke is just pushing it as a last ditch hope of making L.A. Live look good.
Posted by Ben Miller on March 29, 2011 04:44 PM
I don't get the whole football stadium/convention center linkage. Why is this a natural pairing?
If the stadium is used 12 times a year and the convention center 125 dates, would you then say the joint facility was utilized almost half the year?
Is that in some way misleading?
Posted by santa clara jay on March 29, 2011 06:59 PM
I suppose AEG believed the real estate boom would continue and mid-upper-wealthy individuals would purchase downtown condos and become urban dwellers. Realistically, Los Angeles is a car heavy community. Close to, if not 100%, of all Clipper, Kings and Laker games drive to Staples Center, and that's with a light rail stop located across the street from the arena. An NFL stadium will not change that. We've survived more than fifteen years withouth the NFL. They need us more than we need them. That is a fact. Let the league & team owners pay for ALL the stadium related costs.
Posted by taxpayerripoffs on March 29, 2011 09:02 PM
AEG and our Mayor of Los Angeles want to do this convention center thing with Farmers Field so they can secure the San Diego International Comic-Con in 2015, host the Summer X-Games every year and get big-time International friendly's for soccer and the top European leagues. I doubt that Los Angeles gets that much more convention business, but if they get the Comic-Con, then the goal was secured. Just follow the news paper trail, our mayor is obsessed with the idea of getting the Comic-Con in L.A.
Posted by kombayn on March 30, 2011 12:45 AM
I don't know what Villaraigosa's motives are. The City of Los Angeles already has football. The team is called the USC Trojans. They seem to never have problems drawing 75,000 per game at the Coliseum and no one had to build them a new stadium.
Posted by taxpayerripoffs on March 30, 2011 12:26 PM
I'm pretty sure USC didn't build the Los Angeles Coliseum. And you're high if you think we can draw 75,000 per game unless we're in the championship hunt.
Posted by Ben Miller on March 30, 2011 05:23 PM