Wednesday, September 27, 2006

Hollywood and Vine advances

I joined local business owner Bob Blue, Hollywood Chamber of Commerce President Leron Gubler, and representatives from the Community Redevelopment Agency, Legacy Partners and Gatehouse Capital at the most famous intersection in the world to announce an agreement on the final piece of the puzzle of the $500 million Hollywood and Vine development. The human-centered vision of economic development that shapes this project links Hollywood’s past to its future. In an area where family incomes average between $19,000 and $23,000 a year, the W hotel that will rise at Hollywood and Vine will create 250 permanent living-wage union jobs. In an economy that all too often segregates people by income, the 350 apartments on site will include 79 affordable units.

The working-class residents of the Hollywood flats stuck by the crown-jewel of Los Angeles when it was down, as did the local businesses like the one run by Bob Blue. When Hollywood began its revitalization, Legacy Partners and Gatehouse Capital came to the city with a world-class vision that fit this world-famous intersection. Together, we have produced an unparalleled development that will ensure that those who believed in Hollywood during its darkest hour will be able to bask in the light of its new success.