LOS ANGELES, Sept. 24, 2020 /PRNewswire/ -- A collection
of prominent business and labor leaders have come together to
announce their support of the proposed Hollywood
Center project at Hollywood and Vine.
Citing the far-reaching economic benefits that the mixed-use
development will provide for Hollywood and the City of Los Angeles and highlighting the
project's market-rate and affordable housing options, members of
the business and labor communities forcefully expressed their
endorsement of the LEED Gold certified project, which is estimated
to exceed a $1 billion impact
locally. Poised to positively impact the community in a sustainable
and endurable way, Hollywood Center will create 7,452 total
full-time and part-time jobs within the City of Los Angeles, of which 4,284 will be
during construction of the project.
"With unemployment in the LA region potentially approaching 25
percent, these additional jobs for our community are vital and will
make a meaningful difference for thousands of Angelenos currently
out of work," said William C. Allen,
chief executive officer of the Los Angeles Economic Development
Corporation. "Overall, the Hollywood Center is an exemplary
project. As a triple bottom-line organization, the LAEDC believes
that the elements of equity, environment, and economy are all met
by this project."
"On behalf of over 100,000 skilled and trained members men and
women in the buildings, I am proud to express my support for
Hollywood Center," said Ron Miller,
executive secretary of the Los
Angeles-Orange County Building and Construction Trades
Council. "This project promises to be transformative on many
levels, the most important from our perspective being the number of
jobs that will be created. Now more than ever, jobs are vital to
our communities and our economy, and we must take into
consideration the positive impact these jobs will have on
Los Angeles' hard-working
residents."
"This project means thousands upon thousands of construction
jobs during the building of this project," said Gene Hale, chairman of the Greater Los Angeles
African American Chamber of Commerce. "Hollywood Center will also
provide a good chunk of operational jobs through the ground floor
commercial and restaurant space planned."
In addition to the project's construction-related economic
benefits, annual operation of the project will create approximately
937 full-time and part-time jobs plus new household spending that
would occur both on-site and throughout the region.
"On behalf of the Hollywood
Chamber of Commerce and the 840 members we represent, we are proud
to announce our strong support for the proposed Hollywood Center
project," said Rana Ghandban, president/CEO of the Hollywood Chamber of Commerce. "This
transformative and forward-thinking urban development would
revitalize the heart of the Hollywood community. Simply put, it checks
every box we look for in terms of housing, investment, job
creation, community-oriented design, and overall vision."
In addition to creating solid living-wage jobs, Hollywood Center
addresses Los Angeles' severe
housing shortage and provides for vulnerable populations by
including much-needed very low- and extremely low-income affordable
housing set aside expressly for older adults. These units
constitute the largest provision of privately financed senior
affordable units in the City's history.
"We thank business and labor community members who have
expressed enthusiastic support for Hollywood Center, and look
forward to bringing increased employment opportunities to an area
that has seen significant job losses since the coronavirus pandemic
began," said Mario Palumbo, managing
partner, MP Los Angeles. "This project is progressive not only in
its concern for the environment, but also in its commitment to
advancing the livelihoods of members of the Los Angeles community and providing for the
City's most housing-insecure senior citizens."
About Hollywood Center
Hollywood Center is a proposed $1
billion mixed-use development located in the heart of
Hollywood adjacent to Los Angeles' famed intersection of
Hollywood and Vine. Hollywood
Center will introduce 872 market-rate units and a senior affordable
housing component to the community through two buildings, 35
stories and 46 stories tall, and two mid-rise buildings, each 11
stories. With a total of 1,005 residential units, 133 will be set
aside for very low- and extremely low-income seniors and split
between the two 11-story buildings. Hollywood Center will enliven
the site with the introduction of two civic plazas, new pedestrian
walkways connecting Argyle Avenue and Ivar Avenue, and 30,000
square feet of ground floor shops and restaurants, all located 600
feet from convenient public transportation options. For more
information, please visit https://hollywoodctr.com/.
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SOURCE Hollywood Center