Groundbreaking ceremonies were held here Thursday for a 4.2 billion-US-dollar, 5 million-square-foot entertainment complex that is being touted as the "largest redevelopment project in the history of Los Angeles."

The L.A. Live sports and entertainment district will be built on parking lots that currently surround Staples Center, bringing with it a mix of residential, shopping and entertainment venues, including a theater that will be the permanent home of the Grammys.

"It's a phenomenal development, in fact, the largest redevelopment project in the history of Los Angeles," said Timothy J. Leiweke, president and CEO of AEG, the company in charge of the project.

The project, which will not require public subsidies, is expected to generate 10 billion dollars for the region and create about 5,000 jobs, Leiweke said.

"It's an incredible revenue stream for Los Angeles, but it's also a great way to demonstrate to the city, the nation and the world that L.A. is ready for smart growth, that L.A. is prepared to make this downtown a 24-hour city, this downtown area a place to come for entertainment, to come to work, you could live, you can participate in anything,'' L.A. Mayor Antonio Villaraigosa said.

The L.A. Live will be home to Nokia Theater, a 7,100-seat facility that will house up to 125 awards shows and events annually; Grammy Museum, a 28,000-square foot space dedicated to the award show's history and past recipients; ESPN's regional headquarters and sports entertainment venue; a 50-story hotel to be operated by HIlton Hotels; 11 buildings dedicated to various condominium and apartment buildings; and a 90,000-square foot movie theater with 15 screens from the Regal Entertainment Group.

Local officials said they hope L.A. Live would bring visitors and tourists from all over the world to downtown Los Angeles.

"We've been working for a long time to being that kind of energy into downtown Los Angeles, and this is the perfect spot,'' said Victor France Jr., senior vice president of government affairs for the Central City Association.

Source: Xinhua