Ritz Residences Opens Doors, Closes First Escrow

LOS ANGELES-The Ritz-Carlton Residences at L.A. LIVE has just closed its first escrow and officially opened its doors to homeowners, which, according to a prepared statement, completes 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 has experienced sales success, with more than 60% of its 224 residences in escrow, and are well-poised to continue this trend, according to the statement.

As GlobeSt.com previously reported, AEG’s plans to further enhance the L.A. LIVE campus by building an NFL stadium is a huge plus for Downtown, according to numerous industry sources. For example, the Central City Association of L.A’s officers voted to support the proposed $1-billion center, following the recommendation of support from CCA’s Housing & Land Use Committee. 

“Our buyers believe in this one-of-a-kind project and are committed to the exciting future of Downtown Los Angeles,” says Laurie Miskuski, director of sales and marketing at 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, according to a prepared statement. “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,” says Timothy 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 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 24-hour service, such as a residential concierge/doorman, valet parking and VIP status with the Ritz-Carlton guest relations, as well as other hotel amenities, including a private heated rooftop pool, a 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.