There still remains the question of whether the city will help finance it.

The Anschultz Entertainment Group's proposal would create a flashy six-block district of ballrooms, movie theaters, bars, restaurants, apartments, a concert theater and a 55-story hotel and condominium complex near the Staples Center arena and Los Angeles Convention Center. The development is expected to provide $15 million in new tax revenue.

Designers, inspired in part by the glitz of Tokyo's Ginza district, envision huge animated billboards flashing amid 4 million square feet of entertainment and residential space in the now-shabby area south of downtown Los Angeles.

"As big a deal as Staples Center was, this dwarfs it," said AEG President Tim Leiweke. "Staples was the catalyst and springboard for this area of the city, but this will have far more impact on the city's economy.

"After this is built, the only competition we will have will be New York, in terms of what we can offer," he said.

Leiweke said construction could begin by the end of the year, with the first buildings open in two years.

The project, which could take 10 years to complete, could help the ailing Convention Center, offering attractions to draw tourists and help the city compete for convention dollars with cities such as San Diego and San Francisco.

And it could expand the renaissance of downtown, where old office buildings are being converted to lofts and condominiums as Southern California housing prices soar.

One big issue remains. The company wants Los Angeles to help pay for the 1,200-room hotel, which also would have 100 luxury condominiums. Suggestions include $10 million or more in waived taxes and fees or a low-interest loan. One possibility would be allowing the hotel to keep all revenue from the city bed tax for 20 years, at an estimated $5.7 million a year.

"They have not asked for anything specific yet," said Ron Deaton, the city's chief legislative analyst. "That's where we will go next. We will see what they want and then we'll decide what we're willing to do."

The company plans to begin building other parts of the project while the city decides whether to help, Leiweke said.

"Momentum is very fickle, and you have got to show people that this is for real," he said.

By some estimates, the complex could draw 13.5 million visitors annually.

Los Angeles Mayor James Hahn said he supports the project, although he has not committed to any public assistance.