Yesterday, we took another critical step toward realizing the Downtown Events Center: a monumental development project that will spur job creation, increase investment in our Downtown economic core, and bring more tourists to our great City. This events center - complete with a state-of-the-art NFL stadium and convention center - is a win-win-win for sports fans, cultural enthusiasts, and residents of Los Angeles.
The best news of all is that this project will cost the taxpayers of Los Angeles NOTHING. Yet, all Angelenos will be able to reap the countless economic benefits of having a world-class events center right in their very own back yard.
The Downtown Events Center and Farmer's Field will be a catalyst for new development. It will create close to 20,000 job and $3 billion worth of new residential developments, restaurants and hotels in the Downtown area alone. This economic growth will help jumpstart our local economy creating jobs and generating much-needed revenue for our city. Nothing thrills me more than the sight of hard hats and shovels. The very symbols of progress and development in our community.
Now, I know the NFL is the first thing on everyone's mind today but I would like to point out that this new stadium and event center will also serve the important purpose of hosting the many trade shows and conventions that are held each year in Los Angeles. In fact, the Convention Center will be re-designed to provide over one million square feet of contiguous space for the South Hall.
This change will make the convention center more competitive for large, top-tier clients and it will likely elevate us to the fifth busiest convention city in the country. That's a huge jump from our current rank as #15, and an opportunity we should be taking advantage of. By leveraging this new, better-designed space for concerts, conventions, events and football games, we will be able to attract even more visitors to LA!
I would like to thank AEG for their vision and investment in building an even greater Los Angeles. In a mere five years, AEG has accelerated the renaissance in Downtown LA with L.A. Live and STAPLES Center. They have been instrumental in helping our City stake its claim as a world-class sports town with outstanding facilities and hopefully, we will be able to add another team to this roster in the very near future.
I would also like to thank Farmer's Insurance for providing the vital capital to make this project a reality. I am proud that our new stadium will be named for a company that was started in Los Angeles over 80 years ago and has since grown into a company with international presence.
You know, it is hard to believe that this day is finally here. I have been working for years to bring the NFL back to Los Angeles. In fact, it seems like just yesterday that Tim Leiweke, Casey Wasserman, and I met and dreamed up this proposal on the back of a napkin. And now, we are one step closer to the idea becoming a reality.
I look forward to working with Tim and AEG, Casey Wasserman, Farmer's Insurance, and the members of the City Council on the details of this plan. I have no doubt that today is just one of many milestones to come on this project.