The Hollywood Partnership (THP), the non-profit urban place management organization charged with overseeing the Hollywood Entertainment District (HED), has launched new digital resources to showcase development and market trends in the ever-evolving, iconic neighborhood. A new virtual economic development tour spotlights significant investments and opportunities, including major development projects, new-to-market product types, anchor tenant spaces for lease, and renovations of prominent Hollywood places.
The HED and greater Hollywood have taken center stage as a hotspot for real estate investment and development, with more than 60 residential, 20 office, and 11 hotel developments under construction, entitled, or seeking entitlements.
The face of Hollywood is changing, with ample neighborhood amenities to accommodate a booming resident population, employees from a broad range of sectors, and visitors to the tourism heart of Los Angeles. THP celebrates the following development trends setting the scene for the next episode of the true Hollywood story.
- Units, Units, and More Units
Boasting 14% population growth since 2010 (compared to 2% citywide), the HED’s resident population is 30,000 and growing with an impressive 21,500 persons per square mile, closer to NYC’s density (29,729) than is typical of LA (8,323). Residential development continues to drive the conversation with 8,800 units in the pipeline at projects like Hollywood Tower (429), Hollywood Central (633), and Yucca & Argyle (269). And with more than 22% of those units deemed affordable, the future of Hollywood is equitable and inclusive.
- Innovations in Efficiency
High land acquisition costs and limited space for infill developments are driving innovation and bringing new product types to the Hollywood market. FOUND Residences will be the first co-living building in Hollywood, with shared common area amenities supporting private bedroom suites. Citizen M, which operates hotels in most metropolitan cities of the United States and Europe, will deliver 240 guest rooms in the neighborhood’s first micro hotel.
- Calling All Creators
Creative industries remain the beating heart of Hollywood. Renovations at the Cinerama Dome (previously home to the ArcLight) and Netflix’s revival of the historic Egyptian Theatre breathe new life into the neighborhood’s storied cinemas. Not to be outdone, iconic concert venue The Palladium will see a multi-million dollar interior renovation and development of 731 units in residential towers on its surface parking lot. LACE (Los Angeles Contemporary Exhibitions) has topped out development of 151 units of affordable artist housing and gallery space at Hollywood Arts Collective on the Walk of Fame.
- Conveniently Green
Served by two Metro B Line stations and committed to the vision of a sustainable community, most Hollywood area development projects are both LEED certified and eligible for transit oriented density bonuses. Upcoming projects include more than 2,500 new bike parking spaces. Sustainable material selections will increasingly drive Hollywood development proposals, like the first local cross-laminated timber project at Echelon at 6344 Fountain and anticipated timber construction at the award-winning 6000 Hollywood Blvd. redevelopment of a Toyota dealership.
- The Future of Work
Though the post-pandemic office market is still regaining its footing, lease-up is in progress at recently delivered projects like Columbia Square: Office, On Vine, and ICON at Sunset Bronson Studios. Class A office and, in particular, creative office, harness the bustling cultural energy of Hollywood with indoor/outdoor space, jaw dropping views, and iconic architecture in new projects like The Star and refurbished mainstays like 6922 Hollywood and 7060 Hollywood. Existing office space of 5 million square feet and a pipeline of an additional 4 million square feet will serve future Hollywood employees with high end office space and a vibrant neighborhood full of amenities to satisfy daily needs.
Visit THP online for additional development resources, including a detailed Development Map of upcoming and recently completed projects, Quarterly Market Reports loaded with market trends and demographic data, a Business Directory of the HED’s more than 550 points of interest and more. For more information, contact THP via email at firstname.lastname@example.org.