In the 1990s, Hollywood faced the effects of years of steady decline after a lack of investment in retail, office and parking space. But the nineties and early two-thousands were also a turning point for Hollywood.
The Los Angeles Community Redevelopment Agency invested in improvements to public transportation and property owners formed a Business Improvement District (BID). Additionally, the LA City Council passed an adaptive reuse ordinance in 1999 to incentivize revitalization efforts, supporting the redevelopment of vacant and under-utilized buildings.
As a result of these efforts and other community characteristics, we recognized Hollywood as a Qualified Community and leveraged the reuse ordinance to help address Hollywood’s underserved real estate needs.
Reviving a Legend
Learn more about Hollywood’s transformation story.
Over the years, our involvement in the Hollywood community has expanded.
1998-1999: Acquired three properties adjacent to the future site of the Hollywood & Highland® Center
1999: Converted a Class B office building on Hollywood Boulevard to a Class A building with full floor renovations
2004: Acquired the Hollywood & Highland® Center and made significant improvements
2004: Acquired the Kodak Theatre (now the Dolby Theatre), home to the Academy Awards®
2004: Acquired the Hollywood Renaissance Hotel as well as historic 7046 Hollywood Boulevard and converts it into upscale lofts
2007-2010: Continued to acquire hotels, entertainment venues and stabilized office buildings
Through our many strategic acquisitions, we have attracted major office and retail tenants as well as community amenities such as a pharmacy, a gym and a grocery store, that have helped to transform Hollywood into one of the top shopping, dining and entertainment destinations for millions of local residents and tourists who visit every year.