MTA Panel Urges Lease of Site to Developer
A Metropolitan Transportation Authority committee recommended Monday that the agency lease property around a Hollywood Boulevard subway stop to a development company that wants to build a major retail and entertainment complex.
The proposed $145-million project next to a Red Line subway stop under construction at Hollywood Boulevard and Highland Avenue includes a theater, office space and restaurants.
Renting the 1.5-acre property to developer TrizecHahn Hollywood Inc. would bring in almost $500,000 in revenue annually and attract more riders to the subway, MTA staff members told members of the agency’s construction committee.
“This is a good, solid, low-risk adventure for the MTA,” said board member Jenny Oropeza. “In this financial climate, we need to do things in a financially prudent way.”
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