Los Angeles launches 600-million-dollar Hollywood development project
13/2/2007 17:25
Los Angeles authorities yesterday launched a 600-million-dollar "urban
renaissance" project to facelift the world renowned Hollywood
Boulevard. Mayor Antonio Villaraigosa and city officials joined developers in
Hollywood to break ground on the mixed-use project that will have a 305-room
hotel, 143 condominiums, 375 apartments and 50,000 square feet of retail
space. The complex, which is being built around a Metro Red Line station,
will include 78 affordable housing units. "Hollywood, and all of Los Angeles,
is in the midst of a new urban renaissance," Villaraigosa said. The project,
being developed by Gatehouse Capital Corp and Legacy Partners, is slated to open
in mid-2009. The project will be developed on an entire city block, bounded
by Hollywood Boulevard to the north, Vine Street to the west, Selma Avenue on
the south and Argyle Avenue on the east. The development is expected to
generate US$167 million in hotel, property and businesses taxes by 2036, said
Cecilia V. Estolano, chief executive officer of the city's Community
Redevelopment Agency.
Xinhua
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