Economic Summit

Construction to Begin on $500-Million Project
What will the Hollywood & Vine Project Mean for Hollywood?
Hollywood Economic Development Summit 2006

What will the Hollywood & Vine Project Mean for Hollywood?
We asked several of those involved in making the project happen:

“Hollywood and Vine is the single-most famous intersection in the world. But it’s been a long time since it’s been worthy of the name. Now, by working with developers, the CRA, the local businesses at the site and the Hollywood Chamber of Commerce, as well as community members who worked hard to make this neighborhood safe for residents, tourists, and investors when it was down on its knees, we’re about to see Hollywood’s wave of redevelopment crest at this corner. The project that we’ve envisioned together will bring hundreds of living-wage jobs and hundreds of units of mixed-income housing to an area that, despite its renewed glamour, still has median family incomes around $20,000 a year. The hotel that goes up here will be the landmark destination that ties the boulevard’s transformation. Hollywood and Vine has disappointed visitors in the past. Tomorrow, it will beat their highest expectations.” Eric Garcetti, Council President, City of Los Angeles

“The W Hollywood Hotel & Residences will be Los Angeles’ first ever ground up, modern lifestyle hotel development. The project has been meticulously designed to capitalize on the natural synergies that exist between W’s sophisticated appeal and the revitalized Hollywood community. Extensive research has been conducted to create a true “urban resort” experience for entertainment-oriented business travelers as well as those seeking a unique Hollywood leisure destination and living environment. This project will be an integral part of the burgeoning neighborhood and will incorporate design conscious and eco-friendly materials that will bring Hollywood business back to Hollywood and re-establish that mythical Hollywood – the sense of glamour, a live/work place at arguably one of the most famous intersections in the world, Hollywood & Vine.” Jeff Cohen, Senior Vice President, Gatehouse Capital

“Not only is LA’s newest, hippest, and most exciting hotel and housing development to be located on top of Hollywood’s most famous metro stop, but the Hollywood & Vine project will create more than 250 new living-wage jobs, and more than 80 units of low-income housing. It will provide a half-million dollar endowment for Hollywood High, $2-million in public art, and more than $7-million in tax revenues to the City each year. The Hollywood & Vine Project is not just sizzle, it’s steak!” Helmi Hisserich, Regional Administrator-Hollywood, CRA/LA

“After many years of planning, we are excited to be breaking ground on this catalytic project for Hollywood, that includes a significant community benefits package, public-private partnership and transit-oriented development centered around one of the most famous intersections in the world. We are very appreciative of the assistance and support of the Hollywood Chamber of Commerce throughout this lengthy process. On behalf of our entire development team, we would also like to extend a thank you to Council President Eric Garcetti for his leadership and involvement in getting this project to where it is today. Legacy Partners is proud to be a part of the revitalization of Hollywood and we look forward to opening our doors in early 2009.” Scott Rynders, Development Manager, Legacy Partners

“This joint development project at Hollywood and Vine in the heart of Hollywood represents a perfect example of how transit can provide an economic stimulant to the region. We’re seeing more and more developers interested in bringing development to transportation hubs throughout the region.” Roger Snoble, CEO, Metro

Hollywood Economic Development Summit 2006

The amazing renaissance that is underway along the Vine Street corridor was the topic of the 2006 Hollywood Economic Development Summit. The popular annual event took place on Thursday, June 15, at the Pickford Center for Motion Picture Study, 1313 N. Vine Steet.

“Once viewed as a tattered symbol of Hollywood’s past glory, Vine Street has now come into its own as the center of Hollywood development,” said Brian Folb, co-chair of the Economic Development Committee that organizes the summit. “More than $1-billion in new investment is pouring into this area that will transform it into an exciting urban community.”

“The Summit has become the place to get the latest information on what is happening in Hollywood,” added Ira Dankberg, his co-chair for the committee. “We make it easy for people by bringing in the ‘movers and shakers’ who are making things happen in Hollywood.”

Keynote remarks were delivered by Bruce Davis, executive director of the Academy of Motion Picture Arts and Sciences. Concluding remarks were delivered by Gail Goldberg, the new director of the Los Angeles Planning Department.

In between their comments, Helmi Hisserich, regional administrator for CRA-LA, spoke on “The CRA’s Crystal Ball for the next 20 years.” The agency is celebrating its 20th year in Hollywood. Ben Reznik of Jeffer, Mangels, Butler & Marmaro moderated a panel discussion on the topic “Why Hollywood, Why Now?” Panelists included Avi Brosh of Palisades Development, Marty Collins of Gatehouse Capital, Jeff Kreshek of The CIM Group, and Frank Stephan of the Clarett Group.

The Chamber is appreciative to the many firms that have stepped forward to sponsor the Summit. Diamond level sponsors include: the CIM Group, CRA/LA, Laing Urban, Ramsey-Shilling Commercial Real Estate, and Element Service, Inc.

Gold level sponsors are: the Clarett Group, Gatehouse Capital, Legacy Partners, Paramount Contractors, KOR Group, Kaiser Permanente, and ABS Development.

Silver level sponsors include: Alschuler, Grossman, Stein & Kahan, Bank of America, Continental Development Group, Fidelity National Title, First Financial Bancorp, GTO Development LLC, Grubb & Ellis, Jeffer, Mangels, Butler & Marmaro, LandAmerica/Lawyers Title, NAI Capital Commercial, Palisades Development, and Van Wagner Outdoor.

Keynoter Bruce Davis has been associated with the Motion Picture Academy since 1981, following a college teaching career. He became the Academy’s executive director in 1989. Under his watch the Academy moved the Academy Awards ceremony to the Kodak Theatre in Hollywood, and established the Pickford Center as the home of the Academy Film Archive. He is currently engaged in the organization’s planning for a major museum on the art of motion pictures that will be located in Hollywood.

Gail Goldberg began her stint as the director of the L.A. Planning Department this past February. Prior to that, she worked for 17 years in the City of San Diego Planning Department, the last five years serving as Planning Director. She was influential in the development of their “City of Villages” plan. A native Californian, she holds a degree in Urban Studies and Planning from the University of California San Diego.