Hollywood & Vine

Address: Southeast corner of Hollywood Blvd. and Vine St. adjacent to the Hollywood/Vine Metro Red Line station

Project Area: Hollywood

Council District: CD 13

Neighborhood Council: Central Hollywood

Developer: Legacy Partners (residential) and Gatehouse (hotel and commercial)

Project Cost: $350 million

CRA/LA Investment: $6.5 million (with a $6.8 million cap)

Funding Source: Tax increment, low-income housing tax credits, Hollywood Project Area housing trust funds

Jobs: Construction-related: 1,500/ Permanent: 200

Description: The Hollywood & Vine project, adjacent to the Hollywood/Vine Metro Red Line station, is a major catalytic project that will produce significant property tax increment, sales tax revenues, and numerous living-wage jobs. The project will redevelop a 4.6-acre site to include a four-star 300 room W Hotel, 61, 500 sq. ft. of retail and restaurant space, 150 for-sale condominiums, and 375 rental units, of which 20 percent will be affordable units.

Redevelopment Goal: Preserve and increase employment, business and investment opportunities. Provide additional housing choices by increasing the supply and improving the quality of housing for all income and age groups.

FY07 Milestones: Adopted Art and Signage Plan.  Completed acquisition and relocation. Issue tax-exempt multifamily housing revenue bonds.  Start construction in April 2007 and monitor.

07/07