"This is a very important property in the sense that it is the gateway to Hollywood. The intersection on the western edge of Hollywood Boulevard's commercial district is near some of L.A.'s top attractions, including the famed TCL Chinese Theatre, making it a strategic location for major development."
"The area's less glamorous neighbors across the street include liquor stores, a massage parlor and a pawn shop, remnants of Hollywood's rougher-edged past. However, some recent real estate projects failed, but there are signs of a turnaround with new residential developments emerging in the neighborhood."
"Just south of the intersection on La Brea is a $120-million apartment complex called the Avenue, which was reborn in 2011 as a rental property after the original developer went bankrupt trying to build condominiums on the site, demonstrating the area's recovery potential."
Kennedy Wilson and LeFrak Organization are developing Hollywood Horizon, a $150-million high-rise apartment complex at the intersection of Hollywood Boulevard and La Brea Avenue. The project will replace a church that has occupied the corner since 1959. Located near major attractions like the TCL Chinese Theatre, the site represents a gateway to Hollywood. The area shows signs of revitalization despite previous development challenges and less desirable neighboring businesses. Recent successful projects include the Avenue, a $120-million apartment complex completed in 2011, and a renovated office building from 2008. These developments demonstrate Hollywood's ongoing residential building boom and economic recovery.
#real-estate-development #hollywood-revitalization #residential-construction #urban-renewal #commercial-property
Read at Los Angeles Times
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