Transformative Hollywood Center Project to Generate Vital Jobs for Greater Los Angeles
As Los Angeles faces unprecedented unemployment rates, mixed-use community creates economic investment and opportunity
LOS ANGELES, Sept. 24, 2020 /PRNewswire/ -- A collection of prominent business and labor leaders have come together to announce their support of the proposed Hollywood Center project at Hollywood and Vine.
Citing the far-reaching economic benefits that the mixed-use development will provide for Hollywood and the City of Los Angeles and highlighting the project's market-rate and affordable housing options, members of the business and labor communities forcefully expressed their endorsement of the LEED Gold certified project, which is estimated to exceed a $1 billion impact locally. Poised to positively impact the community in a sustainable and endurable way, Hollywood Center will create 7,452 total full-time and part-time jobs within the City of Los Angeles, of which 4,284 will be during construction of the project.
"With unemployment in the LA region potentially approaching 25 percent, these additional jobs for our community are vital and will make a meaningful difference for thousands of Angelenos currently out of work," said William C. Allen, chief executive officer of the Los Angeles Economic Development Corporation. "Overall, the Hollywood Center is an exemplary project. As a triple bottom-line organization, the LAEDC believes that the elements of equity, environment, and economy are all met by this project."
"On behalf of over 100,000 skilled and trained members men and women in the buildings, I am proud to express my support for Hollywood Center," said Ron Miller, executive secretary of the Los Angeles-Orange County Building and Construction Trades Council. "This project promises to be transformative on many levels, the most important from our perspective being the number of jobs that will be created. Now more than ever, jobs are vital to our communities and our economy, and we must take into consideration the positive impact these jobs will have on Los Angeles' hard-working residents."
"This project means thousands upon thousands of construction jobs during the building of this project," said Gene Hale, chairman of the Greater Los Angeles African American Chamber of Commerce. "Hollywood Center will also provide a good chunk of operational jobs through the ground floor commercial and restaurant space planned."
In addition to the project's construction-related economic benefits, annual operation of the project will create approximately 937 full-time and part-time jobs plus new household spending that would occur both on-site and throughout the region.
"On behalf of the Hollywood Chamber of Commerce and the 840 members we represent, we are proud to announce our strong support for the proposed Hollywood Center project," said Rana Ghandban, president/CEO of the Hollywood Chamber of Commerce. "This transformative and forward-thinking urban development would revitalize the heart of the Hollywood community. Simply put, it checks every box we look for in terms of housing, investment, job creation, community-oriented design, and overall vision."
In addition to creating solid living-wage jobs, Hollywood Center addresses Los Angeles' severe housing shortage and provides for vulnerable populations by including much-needed very low- and extremely low-income affordable housing set aside expressly for older adults. These units constitute the largest provision of privately financed senior affordable units in the City's history.
"We thank business and labor community members who have expressed enthusiastic support for Hollywood Center, and look forward to bringing increased employment opportunities to an area that has seen significant job losses since the coronavirus pandemic began," said Mario Palumbo, managing partner, MP Los Angeles. "This project is progressive not only in its concern for the environment, but also in its commitment to advancing the livelihoods of members of the Los Angeles community and providing for the City's most housing-insecure senior citizens."
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
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