Thursday, May 05, 2005

Hollywood and Vine

The Hollywood and Vine project has taken two giant steps forward. The project combines a hotel, mixed-income housing and commerical space on a transit-friendly site over the MTA station (and the rest of the surrounding block minus the Taft Building) at Hollywood and Vine. In March, the MTA board approved the deal; earlier today, the Community Redevelopment Agency signed off.

The details of this project are truly impressive, and I'm excited to watch construction go forward. Especially exciting is the community benefit agreement (CBA) that my office developed along with local residents, community groups, and the Los Angeles Alliance for a New Economy. The project and CBA include:

  • a 296-room W hotel that has an agreement with hotel workers' union UNITE HERE Local 11
  • 350 apartments, of which 74 are affordable at different levels
  • 145 condominiums
  • living wage agreement for all direct employees of the developer (hotel, security, parking, etc.)
  • hiring from the community via a “first-source” agreement
  • $30,000 to fund efforts to sign workers and neighbors up for low-cost healthcare
  • $50,000 contribution to the city's Healthcare Career Ladder training program
  • $100,000 contribution for career ladder training in the culinary industry
  • $500,000 fund for the arts at Hollywood High School, established in memory of Hollywood high alumnus John Ritter

While we're still working with the developer to perfect the design, the project, valued at $326 million overall, looks great. Construction should commence in early 2006.