Wachovia Joins L.A. Live Project

Wachovia Corp. has become a "Founding Partner" of the $2.5 billion L.A. Live project, Anschutz Entertainment Group and the bank holding company announced June 1st.

At the same time, AEG announced Wachovia and investment firm MacFarlane Partners have committed to help finance the 54-story, $900 million hotel and condo project to be a cornerstone of L.A. Live, resolving a funding problem created when AEG’s money partners dropped out of the project last year.

Wachovia will handle all financial transactions for each of the AEG-managed L.A. Live assets, including Staples Center, the company statement said.

Wachovia will also benefit from prominent branding, proprietary events, consumer promotion and client entertainment within the 27-acre downtown Los Angeles development, which will feature the 7,100-seat Nokia Theatre L.A. Live and 2,300-capacity Club Nokia.