Condo sale caps downtown LA complex’s final stage

LOS ANGELES—The builder of downtown Los Angeles’ LA Live development says the entire hotel and entertainment complex is now officially open for business, with the first buyer closing escrow on a unit in the center’s luxury condo tower.  Entertainment company AEG says the completion of the unit’s sale Tuesday in the Ritz-Carlton Residences completes the 5-year process that began with the development’s groundbreaking.  LA Live, which also includes concert venues, hotels, restaurants and a Grammy Awards museum, has been credited with helping revive the city’s long-neglected downtown.  The company says some 60 percent of the Ritz-Carlton’s 224 condos are in escrow. Prices range from $850,000 for one-bedroom unit to $9.3 million for a penthouse suite.  AEG’s attentions have now turned to plans for an NFL stadium it wants to build nearby. Click here for full article….