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Downtown News: $1 Billion Development Planned for Downtown

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This email from the Downtown News just hit the Inbox. Looks like they've got a big scoop, but they're just teasing everyone with this snippet: "Downtown Developer Plans $1 Billion Project, Mixed-Use Effort Will Replace Existing Local Structure, by Anna Scott, Staff Writer. A major Downtown developer is planning a new, $1 billion project, Los Angeles Downtown News learned today. The project includes hotel, residential and office components and will replace an existing Downtown structure. It is expected to break ground by 2011, and construction could take up to three years. Full details will be given in an article that will be posted online at midnight tonight." Replace an existing structure? They're gonna tear down LA Live and start over? Yeah! Seriously, we have no idea what this will be. UPDATE: The News just emailed to clarify that they weren't being cute, but have an embargo. So that gives everyone else six hours to try and scoop them. C'mon, commenters! Tips: la@curbed.com. UPDATE: Here's the story. [Curbed InBox]