Proposed Hollywood Center Project Directly Addresses City's Housing Crisis

LOS ANGELES, Sept. 30, 2020 /PRNewswire/ -- In the midst of uncertain economic times, Los Angeles is facing extreme challenges in caring for its most vulnerable populations, including very-low-income and extremely-low-income seniors. According to the United States Department of Housing and Urban Development's "Worst Case Housing Needs: 2019 Report to Congress," the nation has undervalued and underinvested in older adults for decades and as the older population grows, housing assistance programs are not keeping pace. The proposed Hollywood Center project aims to tackle this distressing reality head-on by offering the largest provision of senior affordable housing in a privately financed project in the history of the City of Los Angeles. In turn, Los Angeles-based nonprofit agencies focused on diversity and inclusionary issues have enthusiastically embraced the proposed project at Hollywood and Vine as it moves through the City's entitlement process.

In addition to addressing the City's paramount needs, from job creation to environmental stewardship, the $1 billion mixed-use development is poised to bring much-needed housing and over 130 units dedicated for very-low to extremely low-income older adults to Hollywood. Alongside the project's delivery of much-needed very-low and extremely low-income housing for seniors, Hollywood Center offers a host of community benefits, including the creation of solid living wage jobs and the positive transformation of existing surface parking lots into a LEED Gold Certified development that will advance the City's and California's goals to reduce greenhouse gas emissions.

"We believe Hollywood Center is an example of development done right," said Terra Russell-Slavin of the LA LGBT Center. "This project addresses the City's dire need for housing, and especially affordable housing for older adults. Hollywood Center would provide its residents the opportunity to live in a vibrant community with access to essential resources, well-designed pedestrian experiences, and access to world-class healthcare, all within a short subway ride from home."

"This innovative and timely project is critical to improving the lives of older adults in Los Angeles," said Gretchen Brickson of the Corporation for Supportive Housing.

"We must not continue to think that the Los Angeles planning of old will be the answer for the problems we face tomorrow, or even now," said Antonio Le Mons of the Skid Row Housing Trust. "Hollywood Center speaks to the City's paramount needs, including the need for jobs, housing, and especially housing for older adults."

"The developer's willingness to create a welcoming, inclusionary community with housing for a variety of different income levels is something that should be celebrated," said Brandi J. Orton, Vice President of Member Services & Engagement for WISE & Healthy Aging. "Particularly noteworthy is the large number of affordable units expressly set aside for lower-income older adults. That meets a crying need in the Hollywood community and will functionally serve to allow these community members to age in place."

In addition to enhanced pedestrian experiences and convenient mass transit options afforded by its location adjacent to the Hollywood/Vine Metro Red Line station, Hollywood Center's proximity to several senior centers and world-renowned medical facilities make it an ideal location for senior affordable housing.  The non-profit Menorah Housing Foundation, one of the largest operators of senior housing in Southern California, will oversee leasing, management and day-to-day operations of Hollywood Center's affordable units and will provide critical on-site social services for the senior residents.

"We're honored to have the support of such a diverse group of community organizations," said Mario Palumbo, managing partner, MP Los Angeles. "We recognize the distinct need for housing for underserved populations, such as very-low and extremely-low income seniors, and Hollywood Center aims to address this problem head on."

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. Hollywood Center will introduce 872 market-rate units and a senior affordable housing component to the community through two buildings, 35 stories and 46 stories tall, and two mid-rise buildings, each 11 stories. With a total of 1,005 residential units, 133 will be set aside for very low- and extremely low-income seniors and split between the two 11-story buildings. Hollywood Center will enliven the site with the introduction of two civic plazas, new pedestrian walkways connecting Argyle Avenue and Ivar Avenue, and 30,000 square feet of ground floor shops and restaurants, all located 600 feet from convenient public transportation options.  For more information, please visit https://hollywoodctr.com/.

SOURCE Hollywood Center