The Ritz-Carlton Residences at L.A. LIVE Closes First Escrows

LOS ANGELES, Feb. 15, 2011 /PRNewswire/ -- Completing developer AEG's original vision to revitalize Downtown Los Angeles with the world-class sports and entertainment district, The Ritz-Carlton Residences at L.A. LIVE today closed its first escrow and officially opened its doors to homeowners.

Despite challenging times for the real estate industry and a tougher economic climate, The Ritz-Carlton Residences at L.A. LIVE has experienced tremendous sales success, with more than 60 percent of its 224 residences in escrow. And with AEG's plans to further enhance the L.A. LIVE campus by building an NFL stadium, The Residences are well-poised to continue this trend.

"Our buyers believe in this one-of-a-kind project and are committed to the exciting future of Downtown Los Angeles," said Laurie Miskuski, director of sales and marketing, AEG. "With The Residences' world-class offerings and talk of future additions to the surrounding campus, there's a tremendous energy at L.A. LIVE, and our homeowners feel that this is the right place to be."

Generating $18 million in new annual tax revenues and creating more than 25,000 jobs, L.A. LIVE has received acclaim from city and industry leaders for its integral role in the renaissance of Downtown Los Angeles' socioeconomic landscape. And within the past six months, The Residences and L.A. LIVE have garnered several industry awards and accolades, recognizing both for enhancing the way Southern Californians live and travel, including the Urban Land Institute's "Global Award for Excellence," the Luxury Real Estate's "Best New Community," and most recently, the Americas Lodging Investment Summit's "2010 Development of the Year" award.

"Today marks another milestone in the development of L.A. LIVE and the further revitalization of a true and vibrant downtown sports and entertainment district," said Timothy J. Leiweke, president & CEO of AEG, developers of The Ritz-Carlton Residences at L.A. LIVE.  "With L.A. LIVE-based events such as the NBA All Star Weekend, Sunday's GRAMMY Awards, the excitement at STAPLES Center with the Lakers, Kings and Clippers seasons in full swing as well as the schedule of concerts, the interest in owning a Ritz-Carlton Residence at L.A. LIVE has never been higher."

The Ritz-Carlton Residences at L.A. LIVE occupies the top half of the 54-story modern skyscraper that also houses The Ritz-Carlton and the JW Marriott Hotel Los Angeles at L.A. LIVE. Designed by California architecture firm Gensler, the hotel and residential tower sits along the city's world-famous downtown skyline on two and a half acres of the L.A. LIVE campus.

Starting on the 27th floor, The Ritz-Carlton Residences at L.A. LIVE offers homeowners the ultimate in privacy and convenience via a separate entrance and private elevator, as well as private facilities, including a residential sky lobby with a landscaped terrace, an exclusive residential lounge with a private board room and media room, a 24th floor restaurant created by Wolfgang Puck, WP24, round-the-clock valet, and "All- Access Living," a program that provides homeowners with special privileges such as advanced invitations and VIP access to events at L.A. LIVE.

Homeowners are also privy to the Ritz-Carlton Hotel's legendary 24-hour world class service, such as a dedicated residential concierge/doorman, valet parking and VIP status with The Ritz-Carlton guest relations, as well as hotel amenities just an elevator ride away, including a private heated rooftop pool, a state-of-the-art fitness center, and The Ritz-Carlton Spa.

The Residences are comprised of one-, two-, and three-bedrooms and 12 exclusive penthouses. Each residence features a kitchen fully equipped with Gaggenau appliances paired with Snaidero cabinetry to create the ultimate designer kitchen space. In addition to the unique style and beauty of each residence, homeowners are provided with spectacular floor-to-ceiling views of the downtown skyline, the San Gabriel Mountains, and the Pacific Ocean.

Private tours for prospective buyers may be arranged by calling 213-622-4242.  More information about The Ritz-Carlton Residences at L.A. LIVE may be found online at www.allaccessliving.com.

About The Ritz-Carlton Residences at L.A. LIVE

The Ritz-Carlton Residences at L.A. LIVE is one of the first luxury-branded residences in Los Angeles, offering "all-access living" in the heart of the exciting new sports and entertainment district L.A. LIVE. Residents will enjoy privileged access to five-star lifestyle experiences, including services of The Ritz-Carlton Hotel, such as a dedicated residential concierge/doorman, valet parking and VIP status with The Ritz-Carlton Hotel guest relations.  

Just an elevator ride away are unparalleled amenities, including a world-class restaurant, residential sky lobby with landscaped terrace, private heated rooftop pool, state-of-the-art spa and fitness center, and exclusive residential lounge, with private board room and media room.

To make a reservation or find out more on living the "all-access life" at L.A. LIVE, please call 213-622-4242, or visit www.allaccessliving.com.

ABOUT L.A. LIVE

L.A. LIVE is a one-of-a-kind sports, entertainment and residential district in downtown immediately adjacent to STAPLES Center and the Convention Center.  The campus features NOKIA Theatre L.A. LIVE, The GRAMMY Museum, Conga Room and Club NOKIA, giving L.A. LIVE more music per square foot than anywhere else in the world.  The district offers a rich mix of local, regional and national restaurants including Wolfgang Puck Bar and Grill, Rosa Mexicano, The Farm of Beverly Hills, Yard House, Katsuya, Fleming's Prime Steakhouse & Wine Bar, Rock 'N Fish, Trader Vic's, ESPN Zone, Lawry's Carvery, New Zealand Natural Ice Cream and Starbucks.  L.A. LIVE also serves as ESPN's West Coast broadcast headquarters.  The campus is recognized worldwide for offering an incomparable and unforgettable entertainment experience.

SOURCE The Ritz-Carlton Residences at L.A. LIVE