Hollywood Center Brings Critical Investment to Iconic Neighborhood

LOS ANGELES, Oct. 8, 2020 /PRNewswire/ -- Hollywood Center, the proposed $1 billion mixed-use development at Hollywood and Vine, has received praise from area residents for its community-oriented design and multitude of long-term benefits that will result in a revitalized Hollywood. Hollywood Center directly addresses many of Los Angeles' crucial needs, from affordable housing and progressive environmental stewardship to neighborhood enhancement and historic preservation.

The Hollywood Center project comprises two buildings, 35 and 46 stories tall, and two 11-story mid-rise buildings that will be built on land currently used as surface parking lots adjacent to the Capitol Records Building. Responding to escalating demand for market-rate housing as well as housing designated for the area's most vulnerable populations, the project includes 872 market-rate units and more than 130 on-site affordable units designed specifically for very-low to extremely low-income older adults. Hollywood Center is located 600 feet from the Hollywood and Vine Red Line station, helping to alleviate transit issues for seniors with limited mobility and reducing reliance on automobile transportation for all residents and visitors.

In addition to exceeding energy and environmental standards with LEED Gold certification, Hollywood Center will advance the City's and California's greenhouse gas reduction goals with carefully planned environmental design, preserve the landmark Capitol Records Building, provide housing near public transit, and include amenities that encourage biking, walking and Metro usage as primary transit options. 

"I believe that this project represents an opportunity to address some of the City's most pressing issues," said Jasper Chew, a Hollywood resident. "The City needs to develop more affordable housing units closer to public transit if it genuinely wants to start tackling the housing crisis and give individuals the opportunity to lower their carbon footprint."

Designed by Handel Architects, Hollywood Center realizes the plan of the site's original architect, Louis Naidorf, who envisioned the iconic, circular Capitol Records Tower showcased by taller neighboring structures that would create a dynamic setting for the historic jewel. In addition, the mixed-use project will create new pedestrian walkways and enliven the site with new dining, retails options, and two public plazas. This inviting, pedestrian-friendly setting will create a central hub for neighbors, visitors, and residents alike, offering a wide array of outdoor amenities, from concerts, art shows and wellness activities to alfresco dining and community gatherings.

"Projects like Hollywood Center represent the good," said Hollywood resident Edward Stanza. "This is a project that has taken into consideration a community that is growing and needs resources such as jobs, housing, open space, and neighborhood serving retail."

"Our City is growing, and we can either choose to line all our major streets with stucco boxes, or we can shoot for something better," said Beachwood Canyon resident Ted Schweitzer. "This project does that, and it does that while also adding housing for all, open green space, environmental design, bike infrastructure, historic preservation, and smart urban planning. This project literally has it all."

"Projects like this are what makes Hollywood a landmark community," said Fabio Conti, a Hollywood property owner. "You cannot survive without people. Projects like Hollywood Center bring new residents, open space, and jobs, which all equal people, or as we know them the lifeblood of any thriving community."

"It is time to plan for the future in a City that will be forever changed by the human and economic dislocation that is emerging all around us," said area property owner Kerry Morrison, the former executive director of the Hollywood Entertainment District. "We are not going to wake up one day and find that this 'is over.' This is our new normal and Los Angeles needs this investment. Now more than ever, projects that represent hope for the future, investment in our City, and jobs for our community are critical and to be welcomed."

Construction of the project will create approximately 7,452 full-time and part-time jobs throughout the City of Los Angeles, of which 4,284 will be construction jobs located on the project site. Annual operation of the project will also support a net total of 937 employees within the City, of which 689 would be involved directly in the project's daily operation.

"Hollywood Center has been conceived with the current and future needs of the community in mind," said Mario Palumbo, managing partner, MP Los Angeles. "We appreciate the outpouring of support from the area's hardworking residents and stand committed to creating a revitalized Hollywood that will thrive for decades to come."

About Hollywood Center

Hollywood Center is a proposed $1 billion mixed-use development located in the heart of Hollywood adjacent to Los Angeles' famed intersection of Hollywood and Vine. For more information, please visit https://hollywoodctr.com/.

SOURCE Hollywood Center