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  #841  
Old Posted Jan 28, 2007, 5:12 AM
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What an awesome website. Its great that all these awful surface lots will be history soon. Can't wait!
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  #842  
Old Posted Jan 28, 2007, 6:07 AM
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I do wish that the architecture would be better. Come on, less stucco!
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  #843  
Old Posted Feb 6, 2007, 8:14 AM
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YAY! It's been purchased!

A new Hollywood revival
CIM Group has big plans for the Seven Seas building it is buying from Eddie Nash.
By Roger Vincent, Times Staff Writer
February 6, 2007

Efforts to upgrade a key section of the Hollywood shopping and entertainment district, part of a revival that is making the area more attractive to locals and tourists, have taken a major step forward.

CIM Group, the district's largest commercial landlord, said it had agreed to acquire the Seven Seas building, a dilapidated structure that once housed a famous Hollywood Boulevard nightclub. At the request of the city's redevelopment agency, CIM plans to restore the edifice to its 1920s style.

It's the latest example of a wave of investment seeking to improve the formerly blighted neighborhood.

The Seven Seas building "has been a missing piece" in the real estate recovery along Hollywood Boulevard, said Helmi Hisserich, the Los Angeles Community Redevelopment Agency's regional administrator for Hollywood. "It's a beautiful historic building, but nobody can see its beauty."

The three-story building, across the street from Grauman's Chinese theater, stands out like a broken tooth in the blocks around Hollywood Boulevard and Highland Avenue that have benefited from hundreds of millions of dollars' worth of property improvements in recent years. Further transformation is underway, including new housing, stores and entertainment attractions.

The building's seller, infamous impresario Eddie Nash, agreed to part with the retail and office structure for an undisclosed price.

[b]Nash, who owned the building for almost 50 years, said he finally agreed to sell after a CIM executive "wore me out."[b]

Much of the time Nash owned it, and as far back as the 1930s, the building was the home of Seven Seas, a popular island-themed nightclub that once boasted live floor shows with music and dancers three times a night.

"It was a great hangout during [World War II] for soldiers and sailors on leave from the Pacific, or on the verge of going out," the late Times columnist Jack Smith once wrote. "There was a tin canopy over the bar, and every few minutes an artificial rainstorm would come, drumming on the tin like the rain on the roof of the Pago Pago rooming house in Somerset Maugham's 'Rain.' "

Like many other buildings in Hollywood, this one fell far and hard in the 1980s and 1990s when scores of businesses departed and the neighborhood earned a reputation for being disreputable and even dangerous.

The $650-million Hollywood and Highland retail, hotel and entertainment complex across the street was a financial debacle for its original owners after it opened in 2001. But the project helped spur other improvements nearby, including the creation of a studio next door to the Seven Seas building where ABC television's "Jimmy Kimmel Live" is taped.

Madame Tussauds, the legendary London wax museum, announced last October that it plans to build a flashy $55-million branch next to Grauman's.

With ownership of Nash's building, Hollywood-based CIM hopes to advance its strategy of trying to make the neighborhood appeal to locals and not just tourists, said Shaul Kuba, a principal at CIM who conducted a long campaign to acquire the property.

The company controls 12 office, retail and residential properties in Hollywood, including the Hollywood and Highland complex, the TV Guide building and the Sunset and Vine Tower.

One of the reasons the Hollywood and Highland complex struggled after it opened was that it had too many tourist-oriented businesses, such as fancy boutiques and a duty-free outlet, said Jeff Kreshek, CIM's head of leasing.

CIM is attempting to bring in businesses that would serve the daily needs of people who live and work in Hollywood, such as drugstores and fitness centers, as well as restaurants and boutiques.

CIM's heavy investment in the Seven Seas building may not be profitable in itself, but it could help create the kind of neighborhood that lifts the value of other company assets.

"They have a different way of calculating a return on their investment," the redevelopment agency's Hisserich said. "It's going to have a heavy impact on leasing and who comes into Hollywood as a whole."

Because of its location in a city-designated historic zone, developers who sought to improve the property were required to bring it up to historic standards, and others balked at that prospect, Hisserich said.

CIM agreed to meet federal standards for historic renovation, which are considered especially stringent, she said.

"It will be an example to owners down the boulevard about how to bring new life to these historic buildings," she said.

The property, currently in escrow, is worth about $35 million or more, according to a real estate broker who asked not to be named because he wasn't involved in the deal.

The building is mostly empty, its top two floors of offices boarded up. Ground floor retailers aim for the low end of the tourist market, selling maps to stars' homes, cheap T-shirts and Zippo lighters.

Nash said he wanted to fix up the property, but gave up after vibrations from subway construction damaged the building in the mid-1990s and directions from the redevelopment agency on what could be done with it were unclear.

Nash once operated more than 20 bars and restaurants, including the Starwood, Odyssey, Ali Baba's and the Kit Kat Club. Prosecutors accused him of trafficking drugs out of his clubs and he was suspected of ordering the bludgeoning deaths of four people at a Laurel Canyon drug den in 1981 in a case known as the "Wonderland murders."

In 2001 he pleaded guilty to federal racketeering charges and was sentenced to 37 months in prison, ending his long contest with authorities. At age 77, he now lives in the San Fernando Valley.

The complete historic renovation, valued at as much as $10 million by CIM, could help lure some sought-after retailers who are waiting to see whether Hollywood's turnaround is real, CIM's Kreshek said.

So far, Spanish clothier Zara has agreed to move into the renovated building next year and Swedish clothier H&M is set to open a store next door this September in space formerly occupied by Hamburger Hamlet.
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  #844  
Old Posted Feb 6, 2007, 9:09 AM
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fantastic! Zara and H & M will bring even more retail to the strip!
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  #845  
Old Posted Feb 6, 2007, 9:32 AM
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Originally Posted by JRinSoCal View Post
What an awesome website. Its great that all these awful surface lots will be history soon. Can't wait!
Are they planning on knocking down those perfectly good buildings at 6200 S?
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  #846  
Old Posted Feb 6, 2007, 9:38 AM
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Originally Posted by bjornson View Post
The building is mostly empty, its top two floors of offices boarded up. Ground floor retailers aim for the low end of the tourist market, selling maps to stars' homes, cheap T-shirts and Zippo lighters.

Nash said he wanted to fix up the property, but gave up after vibrations from subway construction damaged the building in the mid-1990s and directions from the redevelopment agency on what could be done with it were unclear.

Nash once operated more than 20 bars and restaurants, including the Starwood, Odyssey, Ali Baba's and the Kit Kat Club. Prosecutors accused him of trafficking drugs out of his clubs and he was suspected of ordering the bludgeoning deaths of four people at a Laurel Canyon drug den in 1981 in a case known as the "Wonderland murders."

In 2001 he pleaded guilty to federal racketeering charges and was sentenced to 37 months in prison, ending his long contest with authorities. At age 77, he now lives in the San Fernando Valley.
FINALLY! hallaluejah! glory, hallaluejah!

That bldg has driven me crazy for yrs, & I've cursed the owner of it again & again, to no end. Not too surprising his reputation is about as trashy as the condition of the property he's controlled for way too long.

Just to clarify the bldg that's being referred to...



The photo of it in bjornson's post doesn't do it justice, or reveal just how really fugly its been, because not long ago a big billboard was attached to the top 2 floors, concealing windows covered with plywood----unpainted plywood, at that.
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  #847  
Old Posted Feb 6, 2007, 2:54 PM
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Great news about the Seven Seas building. CIM Group to the rescue again! I just hope the remove the bilboard that looms over the top of the building too.

Last edited by dktshb; Feb 6, 2007 at 3:07 PM.
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  #848  
Old Posted Feb 6, 2007, 3:51 PM
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Wow, Eddie Nash. He was featured in the movie "Wonderland" the story about John Holmes (yes, the pornstar) starring Val Kilmer and Kate Bosworth. They painted him as a total sleezeball. Good film but very violent. Apparently he is going to walk away with alot of money for selling that building.
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  #849  
Old Posted Feb 6, 2007, 4:20 PM
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sounds good. Anything to make that building not such a deadzone (not that it exactly is, it has retail, but its ugly right now)
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  #850  
Old Posted Feb 6, 2007, 4:20 PM
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This is exciting! CIM is truly the most urban-inclined developer I can think of. They were after Macy's Plaza as well in Downtown LA, and was beat by Jamison. Think of what would have happened if CIM bought Macy's Plaza. They had plans to bring the retail OUT onto the street and making the interior open to the air.

Anyway, Hopefully Hollywood will become more 3-dimensional (like Old Town Pasadena/Westwood Village/downtown Santa Monica) and not so linearly focused.

I LOVE CIM (and Zara!).
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  #851  
Old Posted Feb 6, 2007, 4:24 PM
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A Hollywood 101 course for Capitol Hill
Stars descend on Washington today to teach lawmakers about the industry's economic importance.
By Jim Puzzanghera
Times Staff Writer

February 6, 2007

WASHINGTON — Hollywood plans to show the nation's capital today that it's more than just a pretty face, with the help of some of its most recognizable ones.

In what amounts to a Hollywood 101 course, the Motion Picture Assn. of America trade group is holding a daylong primer on movie industry economics that will include cameos by two household names and current Oscar nominees: actor Will Smith and director Clint Eastwood.

Invited to the symposium "The Business of Show Business" are members of Congress, federal and state officials, think-tank scholars and the media, who will get an earful from directors and moguls about the industry's global economic muscle, how movies are made and its challenges in the digital age. RSVPs have been sent by some influential Washington players, including Senate Judiciary Committee Chairman Patrick J. Leahy (D-Vt.) and House Ways and Means Committee Chairman Charles B. Rangel (D-N.Y.), who oversee such key policy areas as copyright law and foreign trade.

"We tell a lot of stories … but we never really tell our story cohesively as an industry," Warner Bros. Chairman Barry Meyer said. "This is going to be one of the few times we come to Washington and really explain our view of how critical our industry is, why it deserves the attention of the government, why it deserves the protection of the government."

Showing policy wonks what Hollywood is all about is part of the MPAA's goal of going beyond the movie screenings, celebrity congressional witnesses and star-studded campaign fundraisers to showcase how entertainment makes multibillion-dollar contributions to the economy and the nation's balance of trade. In doing so, the industry hopes to underscore that Washington needs to strengthen copyright protection and to crack down on global piracy.

"I think that there are some folks who are very understanding of how important the issues are, and I think there are others who are less so," said Michael Lynton, chief executive of Sony Pictures Entertainment. "It's our responsibility to impress upon them the scope of it."

With rapid technological changes posing opportunities and threats — the MPAA estimates losses of $6 billion a year worldwide from counterfeit DVDs and other pirated content — Hollywood decided to make the economic message the star.

The trade group will hammer home the point with data from its first nationwide economic study, which shows that the movie and TV production industry is responsible for 1.3 million U.S. jobs, generates $30.24 billion in annual wages and funnels $10 billion in taxes each year to federal and state governments.

"The tendency is to look at the film and entertainment business in the context of celebrity or glitz," MPAA Chief Executive Dan Glickman said, "but the truth of the matter is that this is a big, important industry for America."

The seminar also comes at a time when the entertainment business is facing a strong push-back in Washington from the consumer electronics lobby over how people use movies and music in their homes.

"We're on the cusp of a lot of new digital initiatives, and a lot of this is going to be coming before the government," Warner Bros.' Meyer said.

"There are factions out there that think anything we put up on the Internet should be free and distributed virally around the world. We think that's a huge problem for us and could destroy our industry."

Sen. Dianne Feinstein (D-Calif.) said that many of her colleagues didn't grasp Hollywood's economic clout, and that their views of the industry often were shaped by concerns about excessive sex and violence in movies.

"We want the industry to do well, but we want it to be a net positive addition to the values of Americans," she said. "It must understand this, I think, and respond to it in a positive sense, instead of saying, 'Well, this is our business; we're going to do what we want.' "

Despite the emphasis on economics, it's hard for Hollywood to do anything — even try to dispel its flashy image — without at least some star wattage. And today's invitation-only event will stand out as a Washington policy conference with red-carpet flair.

Smith, nominated for a best actor Academy Award for "The Pursuit of Happyness," will headline the opening breakfast at the Smithsonian's stately new downtown art museum. Filmmaker Michael Apted, president of the Directors Guild of America, will keynote the luncheon at the swank Hotel Monaco.

"This is a chance for us to come to Washington and for them to actually see us as walking, talking, breathing human beings," Apted said. "You'll get a sense that making movies is a very unusual and singular industry…. It's not like making cars or growing wheat."

Attendees and panelists include directors Taylor Hackford and Steven Soderbergh, Meyer and top studio executives. Capping the day will be a dinner honoring actor-director Eastwood, nominated for directing "Letters From Iwo Jima," complete with a rope line and an actual red carpet.

"The celebrity is the icing on the cake, but it can't be the foundation," Glickman said. "The foundation is jobs and economic benefit."

Which, he said, is why Hollywood is doing what other industries do.

"Everybody in a democratic system wants their government to be helpful to them," he said. "That's us, that's the consumer electronics industry, that's agriculture, that's aviation, that's pharmaceuticals."


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  #852  
Old Posted Feb 6, 2007, 6:38 PM
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the industry hopes to underscore that Washington needs to strengthen copyright protection and to crack down on global piracy.

Oh puhleeze....
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  #853  
Old Posted Feb 6, 2007, 7:04 PM
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Originally Posted by LosAngelesBeauty View Post
This is exciting! CIM is truly the most urban-inclined developer I can think of. They were after Macy's Plaza as well in Downtown LA, and was beat by Jamison. Think of what would have happened if CIM bought Macy's Plaza. They had plans to bring the retail OUT onto the street and making the interior open to the air.

Anyway, Hopefully Hollywood will become more 3-dimensional (like Old Town Pasadena/Westwood Village/downtown Santa Monica) and not so linearly focused.

I LOVE CIM (and Zara!).

Jamison sucks the big one. I work in a Jamison Building and I can attest they are true slumlords. Six Story building, four elevators. One working elevator. Nothing works, etc. etc. etc.
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  #854  
Old Posted Feb 7, 2007, 3:32 AM
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I'm so happy I could spit. That 7 Seas building is that last vestige of slum on the block. As the Times rightly put it, it stands out like a broken tooth.

This is the best news I've heard in a while. Yay!!
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  #855  
Old Posted Feb 7, 2007, 6:19 AM
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Forever 21 Rollout Barreling Into L.A.

Published: Wednesday, February 07, 2007
By Emili Vesilind
LOS ANGELES — Junior retailer Forever 21 plans to open a 10,480-square-foot XXI store in the Hollywood & Highland shopping center here in mid-2007, pursuing an aggressive rollout in the Los Angeles metro area, where it operates 28 units.

The newest Los Angeles store will be located on a touristy strip of Hollywood Boulevard, within three miles of existing company units at the Beverly Center and The Grove shopping centers. The XXI concept was originally conceived as a larger-format Forever 21 store; most units measure more than 18,000 square feet.

The privately owned company characterized the store as a new retail concept, although it is more revision than reinvention. Forever 21 already operates 17 XXI stores in nine states and Canada, but will now integrate men's wear into its mix of young contemporary apparel.

"Going forward, XXI will feature an expanded accessories section and will add a full men's line," said Larry Meyer, senior vice president of Forever 21. "Store size will increase to help accommodate the increased merchandise."

The Los Angeles retailer helped invent the concept of fast fashion, producing ubertrendy merchandise at lightning speed. It has had to stay nimble to keep pace with a growing pack of competitors, chiefly Hennes & Mauritz and Zara, two European chains that have opened strongly in key U.S. markets. Last year at the Beverly Center, H&M launched a unit across from Forever 21's three-year-old XXI store.

"We welcome [H&M] as a competitor in this market," Meyer said. "We have competed well with them in other markets."

Part of the company's strategy for staying on top has been to diversify its retail base. In recent years, Forever 21 has started a hodgepodge of retail concepts, including Heritage 1981 — pricier casualwear geared to the Abercrombie & Fitch set — a 40,000-square-foot department store-like Forever 21 prototype and For Love 21, an all-accessories concept that added four new doors in 2006.

Growing all the concepts is a priority for the company, which will launch more than 70 stores and expand another 20 in the next few years. "Our focus is on finding locations for our larger concepts and expanding in better malls," Meyer said.

The company, which also is pursuing expansion in smaller, less-saturated markets such as Lynnwood, Wash., and Toledo, Ohio, operates more than 300 locations nationwide, in addition to an estimated 100 Gadzooks stores since acquiring the teen retailer in 2005.
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  #856  
Old Posted Feb 7, 2007, 7:04 PM
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Originally Posted by Steve2726 View Post
Wow, Eddie Nash. He was featured in the movie "Wonderland" the story about John Holmes (yes, the pornstar) starring Val Kilmer and Kate Bosworth. They painted him as a total sleezeball. Good film but very violent. Apparently he is going to walk away with alot of money for selling that building.
Yeah, I had to reread that to make sure that was the same Eddie Nash of the Wonderland murder connection. Alfred Molina portrayed a ficitional version of Nash in "Boogie Nights" as well.
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  #857  
Old Posted Feb 9, 2007, 4:08 AM
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Hollywood's Walk of Fame gets surgery
By Bob Pool, Times Staff Writer

Hollywood -- Maybe they should order up an extra-thick red carpet for this year's Academy Awards ceremony.

Workers are racing to fix a buckling section of the Hollywood Walk of Fame in front of the Kodak Theatre where cracked terrazzo and broken sidewalk stars could be a major Manolo Blahnik hazard for starlets arriving for the Oscars.

The emergency work was under way Thursday as Hollywood announced that it is boosting the price of placement of new stars along the famous boulevard by more than 40 percent in order to pay for future Walk of Fame repairs -- to $25,000 per celebrity.

Hollywood officials believe the buckling is the fault of the Red Line subway, which has a station beneath the Hollywood & Highland shopping center that houses the Kodak Theatre. The subway's tunneling was blamed for the infamous 1994 crumbling of the Walk of Fame that left Tinseltown in turmoil.

But Metropolitan Transportation Authority officials contend that the sun is at fault for the sidewalk buckling. They suggest that damaging "thermo-expansion" occurs when sunlight heats up the black terrazzo.

The repair work, along a 60-foot stretch of the Walk of Fame on the north side of Hollywood Boulevard west of Highland Avenue, is viewed as a test project that could determine once and for all what is causing the buckling.

Its $80,000 cost is being divvied up four ways among the Hollywood Historic Trust, which operates the Walk of Fame, and the city of Los Angeles, the Hollywood & Highland center and the MTA.

About 121 damaged terrazzo squares, plus 16 others with stars in them, are being replaced. Workers are experimenting with a concrete base up to 8 inches thick to hold the new squares in place. The buckling sidewalk's base is about 3 inches thick.

"We wanted it to look good for the Academy Awards" Feb. 25, said Hollywood Honorary Mayor Johnny Grant, who leads the trust.

"We have a problem," said Los Angeles County Supervisor Zev Yaroslavsky. "It's unsafe and ugly. "You could break an ankle walking there."
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  #858  
Old Posted Feb 10, 2007, 1:40 AM
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---This is the most ridiculous thing I've read in awhile. I am very disappointed in the writer for even suggesting that the subway shouldn't have been built because it buckled the terrazzo flooring! Do they NOT understand that major cities (like Tokyo, Paris, Hong Kong, NYC) absolutely need subways to function? That in order for population growth to continue, subways must be part of life, instead of this alternative lifestyle? Do people not understand how much DAMAGE the freeways have been to our world?

We need to expand our subways in LA to the point where it is a part of life. Even if mishaps happen as a result of subway construction, use, or whatever, life goes on, just like the way our freeway has been a way of life.

People in LA disgust me sometimes how provincial and "small town" they are.


For the Oscars, they want the buckling to stop here
Workers race to fix a cracked section of the Hollywood Walk of Fame in front of the Kodak Theatre, where the ceremony will be held Feb. 25.
By Bob Pool
Times Staff Writer

February 9, 2007

Maybe they should order up an extra-thick red carpet for this year's Academy Awards ceremony.

Workers are racing to fix a buckling section of the Hollywood Walk of Fame in front of the Kodak Theatre, where cracked terrazzo and broken sidewalk stars could be a major Manolo Blahnik hazard for starlets arriving for the Oscars.

The emergency work was underway Thursday as Hollywood announced that it is boosting the price of new stars along the famous boulevard by more than 40% in order to pay for future Walk of Fame repairs — to $25,000 per celebrity.

Hollywood officials believe the buckling is the fault of the Metro Red Line subway, which has a station beneath the Hollywood & Highland shopping center that houses the Kodak Theatre. The subway's tunneling was blamed for the 1994 crumbling of the Walk of Fame that left Tinseltown in turmoil.

But Metropolitan Transportation Authority officials contend that the sun is at fault for the buckling. They suggested that damaging "thermo-expansion" occurs when sunlight heats the black terrazzo.

The repair work, along a 60-foot stretch of the Walk of Fame on the north side of Hollywood Boulevard west of Highland Avenue, is viewed as a test project that could determine once and for all what is causing the buckling.

Its $80,000 cost is being divvied up among the nonprofit Hollywood Historic Trust — which operates the Walk of Fame — the city, the Hollywood & Highland center and the MTA.

About 121 damaged terrazzo squares, plus 16 others with stars in them, are being replaced. Workers are experimenting with a concrete base up to 8 inches thick to hold the new squares in place. The buckling sidewalk's base is about 3 inches thick.

"We wanted it to look good for the Academy Awards" on Feb. 25, said Hollywood honorary mayor Johnny Grant, who leads the trust.

Finding a permanent solution to the sidewalk cracking is important to the trust. Under an agreement with Los Angeles, it is responsible for ongoing maintenance of the Walk of Fame.

"The MTA has been stalling me for years," Grant said. "We've had a lot of damage there. We think it's earth movement with the subway under there."

Hollywood activists who have monitored Hollywood Boulevard since the subway construction began suggest that poor grouting has led to the sidewalk subsidence. They say "voids" formed outside the tunnel and the subterranean station when excess dirt was removed, and that they should have been permanently filled by pumped-in grout.

But an underground aquifer beneath the Hollywood-Highland station was wet, and workers had difficulty getting the grout to stay in the voids, said Robert Nudelman, director of preservation issues for Hollywood Heritage and a longtime subway critic.

"The underground river is about 60 feet down. The tunnel is right above that," Nudelman said. Water from the aquifer normally fills the voids. But during dry years the aquifer shrinks and the water in the voids seeps out. And that causes the tunnel, the earth above it and the sidewalk at ground level to slightly subside, he said.

"It's the domino theory, and the Walk of Fame is the last domino," Nudelman said.

The MTA disputes that.

"We didn't find any excessive wetness at Hollywood and Highland. There's no river in the area," said Dennis Mori, executive officer of project management for the transportation agency. He was involved with the construction of the Red Line segment beneath Hollywood and Highland.

The Walk of Fame's problems are due to sunlight, Mori said. "The black terrazzo is subject to expansion when hit by the sun. There's thermo-expansion. There's supposed to be expansion joints in there. They didn't put in enough expansion joints" when the Walk of Fame segment was constructed.

Mori said a terrazzo expert has been summoned from Miami to consult on the repair project. "He was brought in because we wanted to have a second opinion if the sidewalk was installed properly. This has been a problem many years, even before the subway came in."

Cynthia Ruiz, president of the city's Board of Public Works, said inspectors are watching the project and will evaluate the thicker sidewalk base in about six months. She said the city has been investigating the problem since 2002.

"They haven't come up definitely with whose fault it is," Ruiz said. "At this point I'm more interested in finding a solution than fault. There's been a lot of finger-pointing going on. That was part of the problem. The fact that we got everyone to pitch in to pay for this was a feat in itself."

The question of wet soil was an issue during the 1994 Hollywood tunneling. After a nine-block stretch of Hollywood Boulevard sank 9 inches, the MTA ordered the injection of grout into the ground to harden it before drilling proceeded. At the time, MTA officials speculated that leaking water pipes were to blame.

A Times investigation in late 1994 revealed that grouting was not initially included along Hollywood Boulevard out of a desire to save money. Later, after it was ordered, the process stalled when the contractor's grout-pumping equipment broke down.

Sinking wet sand near Highland Avenue was reported in August of that year by an inspector who noted that a project superintendent evacuated his workers out of fear that "the tunnel was caving in," construction documents reviewed under the California Public Records Act showed.

One report quoted a soils specialist as noting that "water problems" in loose, sandy soil beneath Hollywood Boulevard were not controlled.

A study published in a 1997 Geological Society of America bulletin reported that a subterranean "alluvial fan" extends from canyons above Hollywood through the heart of the business district. An underground barrier traps groundwater, creating a water table that in some places is as close as 15 feet to ground level.

Geologist Douglas Hammond said Thursday that voids could be a problem around the subway if groundwater levels fluctuate.

"Any place you get alternate wetting and drying, you're going to have this movement," said Hammond, a professor of earth sciences at USC. "It could be an aquifer or water pipes in the area failing."

County Supervisor Zev Yaroslavsky, who is an MTA board member, said he feels that the buckling in front of the Kodak is occurring in part because the Walk of Fame is wider there than elsewhere along the boulevard.

"We have a problem. It's unsafe and ugly," he said. "You could break an ankle walking there."

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  #859  
Old Posted Feb 10, 2007, 5:28 AM
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Someone should remind "mayor" Johnny Grant that no subway = no Hollywood revitilization. Rememeber the 1980s Johnny? Hollywood was a scary place back then.
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Old Posted Feb 11, 2007, 6:34 AM
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Developers Break Ground on Major Joint Development at Hollywood & Vine Metro Red Line Station
$600 million development to include affordable and luxury housing, a 305-room W Hotel, W Residences, retail and convenient access to mass transit
Metro joined with two large national real estate developers, Mayor Antonio Villaraigosa and a host of city, agency and community officials today to officially break ground at the world-famous Hollywood and Vine intersection to build one of the largest, most ambitious mixed-use, transit-oriented development projects in Los Angeles.

The $600 million development project will include a 305-room W Hotel, 143 W Residences, 375 luxury rental apartments (including 78 affordable units), approximately 50,000 square feet of retail space and transit plaza improvements at the Hollywood/Vine Metro Red Line Station in Hollywood.

Project developers are Gatehouse Capital Corporation and Legacy Partners. The development is a result of five years of planning, negotiation and collaboration with the Los Angeles County Metropolitan Transportation Authority (Metro), Community Redevelopment Agency of the City of Los Angeles (CRA/LA), Los Angeles City Council and the Hollywood community. “It has been a labor of love and patience, but well worth both the time and money,” stated Marty Collins, president and CEO of Gatehouse Capital.

“This project fulfills many of the goals I’ve identified if we are to realize the ‘City of Our Dreams.’ This development embodies the principles of smart planning and growth. We need to encourage these types of projects to make LA a more livable city for people who work here, for employers staking their futures here and for the families who want to grow here,” said Mayor Antonio Villaraigosa.

”This is the most exciting day in Hollywood since the return of the Oscars to the Kodak Theater,” said City Council President Eric Garcetti. “With glamour on the outside and living-wage jobs and a housing mix to serve Hollywood workers at all levels on the inside, this development will make this once bustling intersection a destination once again, not only for tourists, but for residents too.”

The project will be developed on the entire city block bounded by Hollywood Boulevard to the north, Vine Street to the west, Selma Avenue to the south and Argyle Avenue to the east with the exception of the historic Taft Building located on the northwest corner of the block at the Hollywood and Vine intersection. The Hollywood/Vine Metro Rail Red Line Station is located at the northeastern corner of the project site.

The project is a product of Metro’s Joint Development Program, which works closely with public and private partners to encourage high-quality, transit-oriented development around Metro station sites and along transit corridors. Its goal is to help reduce auto trips and relieve congestion through transit-linked development. To date more than $1 billion has been invested in such programs since 1993.

“Metro has spearheaded yet another high-profile development project on the Metro Red Line, one that will transform the Hollywood/Vine Station into a thriving transit plaza complete with nearby housing, commercial and entertainment centers,” said Gloria Molina, Los Angeles County Supervisor and Metro Board Chair. “Transit-oriented developments like this are now underway throughout Los Angeles County, and will play an increasingly vital role in helping improve regional mobility and quality of life for our residents.”

The Hollywood and Vine project will provide numerous benefits to the community. Among the project’s public benefits are 78 affordable rental apartments; coordination with Worksource Hollywood to implement a first-source hiring program to facilitate the employment of local residents; $30,000 to fund community outreach programs for the Health Insurance Trust Fund; $100,000 to fund job-training programs for the Culinary Institute and $50,000 for Health Care Careers, and a $500,000 endowment to the Hollywood High School for Performing Arts. In addition, the development Joint Venture HEI/GC Hollywood & Vine has signed a neutrality agreement with the Hotel Employees and Restaurant Employees Union, Local 11.

“This project delivers a fabulous return on CRA/LA’s investment,” said Cecilia V. Estolano, CRA/LA Chief Executive Officer. “We put in $6 million and the City will get $167 million in tax revenue and $92 million in tax increment, all by 2036. A full $25 million will be set aside for affordable housing,” she added.

“Like Hollywood & Highland accomplished on the west end, this project has served as the catalyst for redevelopment for the eastern gateway of Hollywood,” said Hollywood Chamber of Commerce President and CEO Leron Gubler. “We commend the development team and W Hotels for having the foresight to recognize the potential of this long-ignored intersection. This development sets a new standard by which all new projects will be measured in Hollywood.”

Presale of the W Residences to friends and family only quietly began several months ago and interest has been very strong. “The response was overwhelming with over a thousand buyers interested in 143 residences,” said Jeff Cohen, senior vice president of Gatehouse Capital. “We are confident that the W Hotel will be similarly well received. We have a great team to whom we owe a lot on this project.” Gatehouse has partnered with both HEI Hospitality and Hicks Holdings to provide capital for the project.

As a result of ongoing discussions with city leaders, Legacy Partners agreed to build 100 additional apartments. “Originally, the plans called for 275 apartments. However, given our proximity to the Red Line, Councilman Garcetti convinced us to increase the density of the apartment component,” said Legacy Partners Senior Vice President Dennis Cavallari. “The result is a more vertical, aesthetically pleasing project that helps the city address its chronic housing shortage.”

Construction is expected to take approximately 26 months, with completion targeted for the second quarter 2009.

http://www.mta.net/news_info/press/Metro_019.htm#TopOfPage
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