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Fact Sheet-Hollywood-S CRA/LA THE COMMUNITY REDEVELOPMENT AGENCY OF LOS ANGELES, CALIFORNIA HOLLYWOOD REDEVELOPMENT PROJECT The 1,107-acre Hollywood and insufficient open space existed Redevelopment Project is located in the area. According to the approximately six miles northwest of the Hollywood Circulation Study, the Los Angeles Civic Center at the foot of following streets were identified as the Hollywood Hills. The project is requiring improvements: Sunset and generally bounded by Franklin Avenue Santa Monica Boulevards, La Brea, on the north, Serrano Avenue on the Franklin and Highland Avenues, and east, Santa Monica Boulevard and Vine Street. A 1981 Parking and Fountain Avenue on the south and La Traffic Study identified a shortage of Brea Avenue on the west. The approximately 4,523 parking spaces. Hollywood Redevelopment Plan was · Old, obsolete, and substandard adopted by the Los Angeles City structures were blight on the area, Council on May 7, 1986. This plan sets including approximately 50 forth an array of goals that include residential units classified as encouraging economic development; substantially deteriorated and promoting and retaining the approximately 2,450 units classified entertainment industry; revitalizing the as overcrowded. The Agency in historic core; preserving and expanding 1984 estimated that 380,000 square housing for all income groups; meeting feet of commercial office space was social needs of area residents; providing in need of moderate to heavy urban design guidelines; and preserving rehabilitation, while 1.5 million historically significant structures. square feet of retail space was in need of moderate or heavy Conditions at Time of Adoption rehabilitation. The Hollywood Redevelopment Project area was found to contain the following · Irregular parcels which did not meet conditions of blight: established planning and zoning standards or economic requirements · Economic stagnation was for development were found characterized by a shortage of throughout the area. available industrial space for · Fragmented land ownership existed. entertainment related uses and a decline in residential investment, · Public classroom space and day shifting commercial uses, and a care facilities were in short supply. shortage of first-class office space. · Homelessness, especially among · Increasing density, including a low- youth, was climbing. income population that was growing · Levels of crime were among the at rates faster than the citywide highest in the City. average; in addition, conditions of high rates of unemployment, Key Accomplishments overcrowding, and substandard FY02 was a significant year for housing were present. Hollywood with nearly $900 million, in · Over-burdened circulation systems, Agency-sponsored developments, under inadequate public improvements, HOLLYWOOD REDEVELOPMENT PROJECT Key Accomplishments (Continued) funding from outside Agency sources, construction or completion at Hollywood such as the Community Development & Highland and along the Vine Street Block Grant Program ($558,000 for the corridor. These developments are CARE Façade) and MTA ($7,000,000 of intended to anchor the commercial core Hollywood Construction Impact Program of Hollywood and promote the (HCIP). All projects utilizing CARE revitalization both in the area between Façade have been completed and all of these anchor developments and the MTA HCIP funding will be completed throughout Hollywood. To augment the in FY03. retail at Hollywood and Highland and to facilitate infill development in its vicinity, In addition to these commercial and the Agency contracted with retail mixed-use developments, the Agency consultants to develop a targeted and has completed over $5 million of strategic retail incentive program to be streetscape improvements, provided launched in FY03. funding for approximately 1,000 units of low and moderate-income housing units, An aggressive economic development expended $250,000 for graffiti strategy in the Project Area has abatement efforts and $800,000 to included: 1) completion of the launch the first security foot patrols on TrizecHahn retail/entertainment Hollywood Boulevard, a forerunner to Hollywood & Highland project, which the formation of the Business includes 1.2 million square feet of Improvement District, to promote development, rehabilitation and community safety. expansion of a hotel, a 3,600 seat live- broadcast theater, and a 3,000 space Five Year Goals public parking garage; 2) completion of Five-year goals for the Hollywood the Pacific Theatres’ Cinerama Dome Redevelopment Project envision an Entertainment Center; 3) start of aggressive economic development construction, pursuant to a DDA with program that focuses on retaining and Capitol Records, of the Capitol Records expanding entertainment businesses Campus; and 4) completion, pursuant to within the project area, as well as a DDA with American Cinematheque, of promoting goals that improve the the $12 million rehabilitation of historic economic vitality of the Hollywood Egyptian Theater. Commercial Entertainment District. Agency staff will continue to promote Since 1990, the Agency has economic development activities which administered several loan/conditional improve the physical and social vitality grant programs as part of its commercial of Hollywood by upgrading public rehabilitation efforts, including the improvements; providing and improving Entertainment Industry Loan Program, public parking; assisting affordable the Commercial/Historic Loan Program, housing; promoting mixed use the Retail Attraction Program and the development and stabilizing residential Hollywood Façade Improvement neighborhoods. Program. Since 1990, the Agency has provided over $8 million to property · Complete Sunset & Vine mixed use owners and/or tenants. The Hollywood project. Redevelopment Project has successfully · Finalize plans and complete Encore leveraged a considerable amount of Hall/Doolittle mixed use project. HOLLYWOOD REDEVELOPMENT PROJECT including the elderly and other special Five Year Goals (Continued) needs populations. Several housing · Complete Capitol Records Campus. projects are in various stages of · Complete Western/Hollywood Phase development. The $38 million II project, Hollyview and the Palomar Western/Hollywood Phase II Project, Apartments. located directly above the MTA subway at the southeast corner of Hollywood · Adopt and implement retail incentive Boulevard and Western Avenue, will strategy. consist of 60 units of family housing, 10,000 square feet of retail space, and a · Complete the Parkade Project. 4,000 square foot childcare facility began construction in FY02 and will be · Complete redevelopment plan completed in the 4th quarter of FY03. amendment process. The Agency is negotiating with LADOT · Prepare and adopt Focus Area Plans and Encore Hall, LP to develop a $25 for Santa Monica/Western. million project, which consists of 100 units of senior housing, and a 600 space · Complete and adopt Hollywood public garage with 10,000 square feet of Transportation Plan and Hollywood retail on the ground level. Construction Boulevard District Urban Design on the Hollyview Apartments, located at Plan. the northeast corner of Western Avenue and Hollywood Boulevard will also be · Complete Hollywood Crossroads completed in FY03. The Agency will be Project. assisting Hollywood Community Housing Corporation with funding for the . In FY03, the Agency will administer conversion of the Palomar Apartments development agreements and monitor on Santa Monica Boulevard east of construction on several commercial and Western Avenue from 48 hotel rooms to mixed-use projects that constitute more 28 efficiency units for elderly persons than $150 million in development value: and formerly homeless seniors with HIV the $120 million Sunset & Vine (formerly or Aids. Hollywood Marketplace) residential and retail project at the northwest corner of On May 7, 1998, the Agency’s authority Sunset Boulevard and Vine Street and to acquire property in the Hollywood the $33 million Capitol Records Campus Redevelopment Project through eminent at the southeast corner of Vine Street domain expired. In FY02, staff continued and Yucca Avenue. the plan amendment process that will resolve a number of land use issues, Under negotiations are the $25 million update goals and implementation Encore Hall/Doolittle mixed use project measures, and reinstate limited eminent and the $130 million Legacy Partners’ domain powers for properties on which Sunset and Vine project. no person resides. Staff expects to complete these efforts in the 4TH quarter The Agency will also continue its of FY03. commitment to provide housing for the low and very-low income households, HOLLYWOOD REDEVELOPMENT PROJECT For More Information: Hollywood Redevelopment Project Office 7022 Hollywood Boulevard Los Angeles, CA 90025 Tel (323) 960-2660 Fax (323) 461-1479 CRA Communication & Public Affairs Tel (213) 977-1951 www.lacity.org/CRA .
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