$1bn football stadium and event center is considered ‘win-win for the residents of LA’
Insurance giant Farmers and LA LIVE developers AEG have announced a naming rights agreement for a new $1bn sports arena and event center in downtown LA. The 1.7million sq ft complex is to bear the name Farmers Field, following a historic 30 year deal signed on Tuesday, and will be entirely privately financed. Facilities at Farmers Field will be designed to host football games, international soccer matches and other championship competitions along with concerts and entertainment events.
An architect is yet to be named for the mammoth project, although a decision is due to be announced within the next few weeks. The sporting arena and events complex are set to replace the West Hall of the Los Angeles Convention Center, with construction of a new West Hall to be completed before the existing structure is demolished so as not to disrupt future bookings. The planned sporting stadium will have 68,000 permanent seats with the option to increase seated capacity to 78,000 for special events.
Capacity of this nature would allow Farmers Field to host major sporting events such as the Super Bowl, Pro Bowl, NCAA Final Four and the Olympic Games. Currently ranked 15th in the United States in terms of internal space, the redesigned convention center would propel Los Angeles into 5th place, allowing the complex to host many major events that are currently unfeasible.
Los Angeles Mayor, Antonio Villaraigosa commented: “This event center – complete with state-of-the-art NFL stadium and expanded convention center facilities – is a win-win for the residents of Los Angeles. Furthermore, Farmers Field will be a catalyst for new development, creating nearly 20,000 jobs and $3bn worth of new development in the downtown area alone.”