Restoration of Famed Corner in Hollywood Gains Funds
Moving to restore some luster to Hollywood and Vine, the Los Angeles redevelopment board has agreed to help finance a $200-million project that would include a luxury hotel, shops, restaurants, apartments and condominiums.
“Glitz, glamour, jobs and housing -- this project has it all,” said Councilman Eric Garcetti, who represents the area.
The site is on the southeast corner of Hollywood Boulevard and Vine Street. It includes a parking lot that was once the home of the Brown Derby restaurant, which opened in 1929. During its heyday, it was a magnet for Hollywood celebrities.
The Community Redevelopment Board on Friday approved development agreements with private builders that called for the city agency to provide subsidies of up to $2.5 million. The City Council still must give its approval to the project.
Redevelopment Board Chairman Paul Hudson said the project would continue the rebirth of Hollywood that started with other major developments in the area, including the Hollywood & Highland shopping and entertainment complex.
The hotel, he said, would “restore the glamour of a bygone era.”
The proposed development on 4.6 acres includes a four-star W Hotel with 300 rooms, a tower with 96 high-end condos, 262 apartments and 67,000 square feet of retail space.
Legacy Partners 2480 plans the apartments, and Gatehouse Hollywood Development would develop the hotel, the condos and retail space.
The city subsidy and the threatened use of the power of eminent domain were opposed by John Walsh, a Hollywood teacher who has sued the agency to block its power of condemnation in Hollywood.
