Special Report by Marty Shelton
Since the opening of the METRO Redline subway in 2000 running from Downtown Los Angeles to North Hollywood, Hollywood has seen a revitalization that continues today. In recent years, the area has become the live/work environment that urban planners have been seeking. The addition of over one million square feet of office space, over 5,000 apartment homes, and 700+ hotel rooms has created a mix of uses that makes for a very vibrant community.
With the Walk of Fame, Hollywood Sign and TCL Chinese Theatre, tourism is still big business in Hollywood attracting over ten million visitors annually and combined with the growing resident/workplace population retail has been on the upswing.
The workplace population has been enhanced by the arrival of Netflix with 900 employees, Viacom's 700 employees, Neuehouse, a New York operator of avantgarde communal office space and Fender Musical Instruments Corporation added to the ever-growing Hollywood work force.
The addition of over 500,000 SF of retail in various projects has brought with it retailers such as Trader Joe's, two Marshalls stores, PetSmart, CVS Pharmacy, Bed, Bath & Beyond, Urban Outfitters, Free People, Walgreens and numerous restaurants.
It is evident by the number of proposed development projects that "Hollywood is the Place". There are over one dozen projects in the planning stages that are expected to add over 500,000 SF of office space, another 7,000+ apartment homes, 750,000 SF of retail space and 2,000 additional hotel rooms, with 510 rooms coming online this year.
The historic intersection of Hollywood & Vine depicted in movies has been central to Hollywood's revitalization. Home to Capitol Records and historic Pantages, Montalban and Avalon Theatres, the corner has been energized by the addition of the W Hotel, the Redbury (soon to reopen as the h.Club Los Angeles) and the Kimpton Everly hotel with 216 rooms last year. With the renovation of the 8-story Taft building-Hollywood's first high-rise office building and the nearby Eastown mixed-use project with 1,000 apartments over retail, development continues to deliver more residents/employees/visitors to the area.
This continued investment in Hollywood coupled with easy access to public transportation, historic resources, and proximity to the entertainment industry makes Hollywood central to the future growth of Los Angeles. DH
Marty Shelton, vice president at NAI Capital. Commercial Real Estate Services Worldwide, is a former Board Chair of the Hollywood Chamber of Commerce and currently serves as co-chair of its Economic Development Committee.