Eager to move along a project that it considers key to Hollywood revival efforts, the Community Redevelopment Agency is entering into negotiations to buy six parcels on behalf of TrizecHahn, the company that has proposed a large entertainment and retail complex next to Mann Chinese Theater on Hollywood Boulevard.
TrizecHahn has options to purchase most of the land it needs but has been unable to reach an agreement with the two owners of the six parcels, according to CRA documents. While the purchase would be financed by TrizecHahn, the agency brings with it the power to declare eminent domain if a deal is not struck with the owners.
Under the CRA agreement approved by its board Thursday, the agency would also buy back the parcels if the TrizecHahn project is not completed. The lots would be vital to any development at that site, said Ann Marie Gallant, the agency's deputy administrator of economic development, and could be sold to another company.