ANAHEIM, Calif. (KABC) -- A $4 billion investment by the owners of the Anaheim Ducks is set to transform the area around the Honda Center into a massive, mixed-use entertainment district.
"This is a major investment and it is a once-in-a-generation-type project that most cities will never see," said Mike Lyster, spokesman for the city of Anaheim. "What they have done over the last few years is they've acquired land, 95 acres, all around Honda Center."
Lyster said the City Council on Tuesday approved the development of OCVibe, which will be made up of offices, hotels, apartments, green space and restaurants.
"There will be all sorts of entertainment," he said. "There will be a new concert hall, there will be a food hall, there will be farmers markets, rooftop bars. Everything we look for as fun and exciting in our lives."
Lyster said OCVibe will be the city's biggest project since the expansion of Disneyland in the 90s.
"There is no city revenue. There is no impact on our general fund which is our main fund for serving our community. We are helping with issuing some bonds that will be used to build parking structures here on site but all of that bond money will be repaid by revenue generated here at Honda Center," he said.
Once it's finished, Lyster said OCVibe will help make Anaheim the entertainment hub of Southern California.
The city said the groundbreaking project for OCVibe could take place as soon as the end of 2022. They hope to have most of this project completed by the start of the Los Angeles Olympic Games in 2028.