04.Trizec/5.5 inches/LK1st/mark2nd

No. 4

TrizecHahn Breaks Ground in Hollywood

All the talk about a revitalization of Hollywood finally turned to action last fall, as TrizecHahn Corp. broke ground with great fanfare on its massive Hollywood & Highland retail-entertainment project.

The complex has been touted as the cornerstone for Hollywood’s return to glory. The $385 million project, located next to Mann’s Chinese Theatre, will have shops, restaurants, offices, a 500-room hotel and a permanent home for the Academy Awards show all of which is expected to spark new activity in the long-dormant area.

Already, the neighborhood is showing signs of new life. Property values and rents are rising and crime is down, thanks in part to the efforts of the Business Improvement District. Several other multimillion-dollar entertainment-shopping projects are in the works nearby and the historic Egyptian Theatre recently reopened down the block.

But there’s still work to be done. Even with new property owners moving into Hollywood in recent months including well-respected real estate firms Kennedy-Wilson Inc. and CIM Group the decay of recent decades still lingers. And now that TrizecHahn has begun construction, the next question is, who will lease up the space there? So far, the only announced tenant is musician-producer Quincy Jones’ restaurant, Q’s Jook Joint. But TrizecHahn’s David Malmuth promises that other high-profile restaurants and retailers will be signing on soon.

Elizabeth Hayes