TrizecHahn to Redevelop Hollywood
Toronto-based TrizecHahn Corp. announced plans in March to build a $145 million retail and entertainment center on Hollywood Boulevard a deal that finally gave credibility to all that chamber of commerce talk about a Hollywood revival.
The area flanking Mann's Chinese Theatre, perhaps one of the most famous pieces of real estate in the world, had lost its luster long ago as T-shirt vendors and vagrants scuffed the mystique that marked the strip during Hollywood's golden days.
But the area appears poised for a turnaround with the announcement that TrizecHahn, one of the largest real estate companies on the continent, had entered exclusive negotiations with the Community Redevelopment Agency for a major Hollywood project.
Not only does TrizecHahn have a reputation for successfully renovating properties, but the Hollywood project is being led by David Malmuth who spearheaded the renovation of the New Amsterdam Theatre on New York's 42nd Street.
It wasn't long before other investors and developers announced ambitious projects for the faded movie capital as well. Hollywood Orange Land LLC plans to build a $20 million movie theater-retail complex on the west side of the Chinese Theatre, Pacific Theatres announced in October that it intends to build a $50 million entertainment center near the intersection of Sunset Boulevard and Vine Street, and Regent Properties plans to develop a $40 million entertainment-retail project on the northeast corner of that same intersection.
What's driving the renaissance? The area remains a tourist attraction for visitors from around the world, and completion of the Metro Rail subway from Universal City to Hollywood after the turn of the century is expected to make it even more accessible to out-of-towners.
Since TrizecHahn's announcement in the spring of last year, the scope of the proposal has doubled. The project is currently worth $320 million and spans 620,000 square feet about one and a half blocks along the boulevard, according to Malmuth, senior vice president of development for TrizecHahn Centers, the retail division of TrizecHahn Corp.
In addition to the 10-screen movie theater and retail development, the current proposal includes a 3,300-seat live broadcast theater that would be used to host the Academy Awards and the renovation of the Holiday Inn, which Trizec Hahn purchased in October.
TrizecHahn is also in negotiations to purchase the 1717 Highland Ave. building, a 12-story office tower adjacent to the TrizecHahn site.
The real estate company has also extended the deadline for its negotiations with the CRA and the Metropolitan Transit Authority until May, when the environmental impact report is expected to be complete, Malmuth said.
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