Council OKs Negotiations Between Developer, CRA
The City Council on Wednesday approved an exclusive negotiating deal with a developer proposing a $300-million complex in Hollywood, which redevelopment officials hope will be a cornerstone of the area revitalization effort.
The council voted 10 to 1 to allow the Community Redevelopment Agency and developer Melvin Simon & Associates to begin 90 days of negotiation on details of the project, including possible public subsidies. The project became controversial after the CRA proposed giving the developer as much as $48 million in public funds, but a City Council committee later insisted that the negotiations start over with no guarantees.
Plans call for the Hollywood Promenade project to wrap around Mann’s Chinese Theatre and include more than 1 million square feet of shops, restaurants, nightclubs, a theater and offices.
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