Hollywood Projects

[LAsam]

I can't believe that with all this TOD, and proof that the subway IS encouraging economic development in the city, that we still haven't starting construction on the next phase. Regardless, this development is great news and Hollywood Blvd's renaissance continues in full force.

[WesTheAngelino]

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.”

Hell yes!!!!! Wish they would say how many stories. Anyone know?

[dktshb]

Well it's about time that the Hollywood and Vine project got started.

[bjornson]

I'm glad as well. But when all the projects in that intersection is completed which is primarily residential, people are still going to wonder what's so famous about it. Part of the reason of the W was to restore the luster of the intersection. I just don't see how they're going to do it.

[edluva]

Originally Posted by WesTheAngelino

Hell yes!!!!! Wish they would say how many stories. Anyone know?

well, this link suggests 12 or 13 floors, unless they haven't updated the renderings
http://www.legacypartners.com/iqimages/res/res_dev_hollywood_renderings.pdf

[dktshb]

Originally Posted by bjornson

I'm glad as well. But when all the projects in that intersection is completed which is primarily residential, people are still going to wonder what's so famous about it. Part of the reason of the W was to restore the luster of the intersection. I just don't see how they're going to do it.

Well regardless it will sure make the intersection much more interesting and urban. I don't care about the "famous" or lack thereof aspect of it.

[bjornson]

^Very true. I love it for Arclight which is right down the street.

[colemonkee]

Don't forget Amoeba, Groundwork, Baja Fresh, Border's, Bed Bath & Beyond, several restaurants, and soon to (hopefully) be a Whole Foods. This is going to become a very desirable place to live. This project is huge for the area, and with downtown coming alive, might be a catalyst in getting the operating hours for the Red Line increased.

[fridayinla]

^^Add to that the renovation of the Sunset Vine Tower, which should have even more retail.

[fridayinla]

Originally Posted by colemonkee

This project is huge for the area, and with downtown coming alive, might be a catalyst in getting the operating hours for the Red Line increased.

And the frequency increased! I love our metro rail, but I curse it when I have to wait 15+ mins for a train after 9pm coming home from the gym in Hollywood.

[colemonkee]

^ I've had that problem on weekends too. I almost missed two movies at the Arclight by just missing a train.

[LAMetroGuy]

February 12, 2007 03:00 PM Eastern Time



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

HOLLYWOOD, Calif.--(BUSINESS WIRE)--Two large national real estate developers joined 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.

About Legacy Partners: Based in Foster City, California, with a regional office in Irvine, California, Legacy Partners has been an industry leader in residential and commercial real estate for more than 35 years, acquiring, developing and managing a portfolio valued in excess of $4 billion. The company’s expertise spans the industry spectrum to include property acquisition, development, financing, marketing, and property and asset management. From Legacy Partners’ roots in Northern California, its portfolio extends to Southern California, Arizona, Colorado, Washington and Texas. Legacy Partners has more than 1,000 employees in six offices throughout the Western United States. For more information, visit www.legacypartners.com.

About HEI Hospitality: HEI Hospitality, headquartered in Norwalk, Connecticut, is a leading hospitality investment firm, which currently owns and operates 25 first-class and full-service hotels throughout the United States under such well-known brand names as Marriott, Sheraton, Westin and Hilton. For more information, please visit www.heihospitality.com.

About Gatehouse Capital Corp.: Gatehouse Capital Corporation, founded in 1995, is a real estate investment and advisory services firm based in Dallas, Texas. The company specializes in mixed-use developments and hotels. Gatehouse utilizes best-of-class institutional partners to design, build and operate its properties. Gatehouse developments include W San Diego, W Silicon Valley, W Dallas Victory Hotel and Residences, W Hollywood Hotel and Residences, Hyatt Regency Resort and Marina in San Diego, the Sydney High hotel and mixed-use development in Milwaukee, and the Joule hotel by Kimpton in Dallas. For more information about Gatehouse, please visit www.gatehousecapital.com.

About W Hotels Worldwide: W Hotels is a global lifestyle brand with 21 properties in the most vibrant cities around the world. Inspiring and indulging its guests with thoughtful, refreshing and stylish experiences, signature restaurants, bars and destination spas, W has become the fastest growing luxury hotel brand in the world. Each hotel offers a unique mix of innovative design, comfort and cultural influences from fashion to music to art and everything in between. W’s first Retreat & Spa, W Maldives, opened in September of 2006 following a highly successful opening of the brand’s first residential property, W Dallas Victory, in June of 2006. W Residences, offering the W lifestyle at home, have been announced for Austin, Las Vegas, Hollywood, South Beach, Fort Lauderdale, Phoenix, Scottsdale, Philadelphia, Downtown Atlanta and Hoboken. Internationally, W has announced plans for hotels in Vieques, Barcelona, Hong Kong, Shanghai, Santiago, Athens, Istanbul, Doha, Dubai-Festival City, Dubai-The Palm and Koh Samui. For more information, visit www.whotels.com.

[citywatch]

This article pretty much duplicates everything already written about the proj. I thought the most interesting point in it was that the intersection of Hollywood & vine was the 2nd busiest in the 1920s, with the busiest being at Wilshire & Western. I'd have thought those titles would've gone to at least one intersection in DT. But if the info is correct, that suggests ppl & traffic already were starting to move away from DT over 80 yrs ago.


Sequel Planned at Iconic Corner

Work begins today on a huge multiuse complex that may revitalize Hollywood and Vine.

By Roger Vincent, Times Staff Writer
February 12, 2007

Construction is set to begin today on a long-awaited $600-million hotel, residential and retail project at the iconic intersection of Hollywood Boulevard and Vine Street in Hollywood. The massive development is regarded by planners as a bookend to the glitzy retail and entertainment complex nine blocks away at Hollywood and Highland Avenue, which is the home of the Kodak Theatre and next to Graumann's Chinese.

The new project calls for a 305-room W hotel with 143 adjoining condominiums that would receive hotel services, the first such complex in Los Angeles. Also part of the plan for the southeast corner of the intersection: 375 luxury apartments, restaurants, a nightclub, stores and a spa.

Major development is already underway at two other corners of the famed intersection.

"We'll see a lot of activity up and down Hollywood Boulevard" prompted by the project, predicted one of the developers, Dennis Cavallari, senior vice president of Legacy Partners. "Everyone is hoping for a renaissance that will make it a pedestrian-oriented retail district," he added.

The project on a site surrounding a Metro Rail subway stop has been planned for about five years. Some real estate industry observers were skeptical that it would ever happen because they doubted that there would be enough demand among travelers and buyers to support it. The blocks around the intersection, once at the center of the region's broadcasting industry, had fallen into disrepute by the 1980s.

"Hollywood used to be the last place you would think affluent people would want to reside," said real estate broker John Tronson of Ramsey-Shilling Co. "I think a lot of people had doubts anybody would truly sign up to build a high-end product."

The project is being developed by Legacy Partners of Foster City, Calif., and Gatehouse Capital Corp. of Dallas. Gatehouse President Marty Collins said the Hollywood "brand" had survived the down-and-out decades and still held global appeal that can be capitalized on. By the time the project is completed in mid-2009, Collins hopes to attract buyers willing to pay from $600,000 to more than $1 million for condos. He expects the hotel to appeal most to business travelers in the fields of entertainment, fashion, art and design.

The builders have applied to the nonprofit U.S. Green Building Council for certification of the project as an environmentally friendly development. "It's going to be one of the very first full-service" green hotels, Collins said. For potential guests that W is targeting, "the whole idea of going green resonates."

Most of the project will rise on land owned by the Los Angeles Metropolitan Transportation Authority, which is encouraging dense development around more than 20 train stations in hopes of limiting traffic congestion and air pollution, said Roger Moliere, chief of real estate management and development for the MTA. It will also surround the Taft office tower, a landmark completed in 1924 that once housed the Academy of Motion Picture Arts and Sciences. Also remaining on Vine Street will be the one-story Bernard Luggage store completed in 1928. Its owner, Robert Blue, successfully resisted the city's eminent domain proceedings intended to remove his building to make way for the new project.

This project is the largest at an MTA station since the $615-million Hollywood and Highland complex completed in 2001 and is one of the most expensive in the history of the district. Two other large projects are nearing completion at Hollywood and Vine: Palisades Development Group's $50-million conversion of the former Equitable office building to condominiums and Kor Group's $70-million conversion of the former Broadway department store also to condos.

The Broadway, Equitable and Taft buildings are links to the era when Hollywood and Vine was one of the city's great crossroads. In the 1920s, it was the second-busiest intersection after Wilshire Boulevard and Western Avenue. It was a gateway to the San Fernando Valley in pre-freeway Los Angeles and a draw for the movie industry from the beginning. Cecil B. DeMille shot "The Squaw Man," Hollywood's first feature film, at the nearby corner of Selma Avenue and Vine in 1914.

Later, radio and then television stations set up operations in the neighborhood and KFWB announcers repeated often that they were broadcasting "from Hollywood and Vine," according to historian Marc Wanamaker. "It was considered the downtown of Hollywood," he said. Such mass appeal was a distant memory by the 1980s, when parts of the neighborhood fell prey to such activities as drug dealing, prostitution and panhandling.

By the early 1990s, the Community Redevelopment Agency had come up with a plan for improving Hollywood that called for commercial and residential development at the intersection. Changing political administrations, subway construction and real estate downturns kept builders at bay, however. Finally, a city ordinance that simplified the conversion of commercial buildings to residential use, along with the Hollywood and Highland development and the recent housing boom, spurred developers to action.

[LosAngelesBeauty]

This has got to be one of the most IMPORTANT pieces missing in Hollywood's residential rebound, the all too important grocery store! And what better grocer than "Fresh and Easy" (hehe). I hope they start opening up in all mix-use areas INCLUDING: Old Town Pasadena, Westwood Village, Downtown Santa Monica, Koreatown, Miracle Mile, Beverly Hills Golden Triangle, and OF COURSE even a few in Downtown LA.


From CurbedLA:

Jeff Kreshek of CIM Group also announced that the British firm, Tesco, had agreed to locate their U.S. flagship neighborhood grocery store on the ground floor of the former Galaxy complex. Construction on the 14,000-sq.ft. store will begin immediately.

[dktshb]

Originally Posted by LosAngelesBeauty

This has got to be one of the most IMPORTANT pieces missing in Hollywood's residential rebound, the all too important grocery store! And what better grocer than "Fresh and Easy" (hehe). I hope they start opening up in all mix-use areas INCLUDING: Old Town Pasadena, Westwood Village, Downtown Santa Monica, Koreatown, Miracle Mile, Beverly Hills Golden Triangle, and OF COURSE even a few in Downtown LA.


From CurbedLA:

Jeff Kreshek of CIM Group also announced that the British firm, Tesco, had agreed to locate their U.S. flagship neighborhood grocery store on the ground floor of the former Galaxy complex. Construction on the 14,000-sq.ft. store will begin immediately.

Cool I think that's great. My only concern is there is already 2 Ralphs (Susnset & Poinsettia and La Brea & Fountain) and a Jons (La Brea & Fountain) within walking distance... of course the Longs Drugs is already up an running at the Galaxy and really is a small grocery store. I hope they all can co-exist and thrive.
That ground floor is below street elevation too.

[LosAngelesBeauty]

^ Fresh and Easy will most likely not be competing with Ralphs. From what I've learned about the new UK-grocer is that it will be similar to Trader Joe's. As many of you know, Trader Joe's and Ralphs can live side-by-side each other in harmony. An example is 3rd St. and La Brea.

The introduction of Tesco into the LA market couldn't have come at a better time as we continue our urban revitalization. Mainly, TJ has a very strict suburban formula that they tend to follow which has precluded it from entering a "risky" area such as Downtown LA or even Hollywood, which will rely more on a compact/urban formula based on customers walking into a store as opposed to parking. But given Tesco's aggressive expansion plans, it is not long before residents of Downtown LA will soon be able to buy products similar to ones found in Trader Joe's, but at Fresh and Easy!

The timing is critical as the housing market continues to slow down, the more amenities that are available in Downtown LA, the better it will stand against the slowing of the market. There are still many individuals who are interested in urban living who would be willing to plunk down half-a-mil for a studio, but the area must have the amenities to justify the the high-price. As land continues to sell at record costs, and construction materials continue to rise in cost due to China and Dubai's insatiable demand, the price of condos and rents in Downtown LA will continue to rise. This is when "little" things like Fresh and Easy are so critical to continue that momentum.

We need to have a healthy mix of high-quality chains and independent retailers/businesses to create an interesting and charming city environment that will please even the most scathing critics of Los Angeles.

[Inkdaub]

I wonder if these couples know they are actually the same two people?

[Quixote]

Film Academy Plans Hollywood Movie Museum

LOS ANGELES -- Film executives are moving forward with a long-planned movie museum they hope will lure more visitors to the heart of America's film industry.
The Academy of Motion Picture Arts and Sciences, which is building the museum, has selected a site for the $200 million film archive about a half-mile south of the intersection of Hollywood Boulevard and Vine Street said Bruce Davis, the academy's director.

"I think it has a chance of being enormously successful in getting visitors," Davis said.

Groundbreaking is set for 2008 on the museum, which will occupy 75,000 square feet next to the film academy's Pickford Center for Motion Picture Study.
The academy's museum committee hasn't considered an architect yet, but Davis said members want the displays to be shown in pavilions spread over an outdoor space, "since the weather is what attracted the movies here in the first place."

Some of the pavilions would house exhibits on the history of film, while others would be used for changing exhibits on different subjects, he said.

The academy already owns much of the land at the planned site, but still needs to acquire some parcels along an adjacent commercial strip of chain restaurants and discount shops, Davis said.

"People come to Hollywood and look for things that teach them about the art form of movies, and it is astonishing that there are only a few things," he said.

[bobcat]

^Is that a recent article? It doesn't give any new info about the development.

[LosAngelesSportsFan]

where is this exactly? between Highland and Vine or south of vine?