Shazam! Welcome to the New New Hollywood

A wave of high-tech companies and millennials is spurring a neighborhood revival

TRD LOS ANGELES /
Jan.January 13, 2017 08:30 AM
Old Hollywood prepares for the Oscars at the Hollywood & Highland Shopping Center.

From the January issue: Call it the new Golden Age of Hollywood. After decades of decline in the late-20th century, when the iconic Los Angeles neighborhood sank into a morass of crime and decay, an infusion of capital is spurring a local revival. Initially, the City of Los Angeles invested more than $100 million in redevelopment in the early aughts, paving the way for private investment. Now developers are creating the area’s first real Class A office space and thousands of new rental apartments. Even Old Hollywood is stepping in — Paramount Pictures recently won approval for a 1.4 million-square-foot studio expansion.

shake-up in content creation has driven companies specializing in streaming media, virtual reality and website development to grab space next to the “dream factories” that have defined Hollywood for the past century.

Although traditional film studios have mostly moved on from their longtime homes on Sunset, Gower and Melrose in favor of the Valley, newcomers like Netflix, Amazon and Legend 3D are taking huge blocks of commercial space in the neighborhood film studios once called home.

Brokers have dubbed the land rush for Hollywood creative workspace the “Netflix effect.” [More]


Related Articles

arrow_forward_ios
The former Omega Cinema Props warehouse on Santa Monica Boulevard and the Hollywood Forever Cemetery (Credit: Google Maps, Hollywood Forever)

Warehouse complex will get new life next to Hollywood Forever Cemetery

Holland Partner Group CEO Clyde Holland and a rendering of the Hollywood project

Holland Partner Group’s Hollywood apartment project faces labor union challenge

1723 N Wilcox Avenue (Credit: Google Maps)

Hollywood hotel construction craze: Developer abandons apartment project for hotel instead

A rendering of the proposed hotel project on Whitley Street (Credit: Daryoush Safai)

Reservations: Hollywood hotel project faces appeal from rent control tenants

AIDS Healthcare Foundation CEO Michael Weinstein and the Amoeba Music store (Credit: Getty Images and Wikipedia)

Amoeba Music owner says landmarking effort by nonprofits is ploy to prevent resi development

5525 W. Sunset Boulevard (Credit: Google Maps and iStock)

Going bigger: Reliable Properties adds 100 units to Hollywood resi project plan

Hollywood & Highland, Gaw Capital Chairman Goodwin Gaw and DJM founder John Miller

CIM Group sells Hollywood & Highland mega-complex for $325M: sources

Hillview Hollywood, Jesse Lasky , Samuel Goldwyn , Adolfo Suaya (Credit: Wikipedia and Getty Images)

Historic Hollywood building in Opportunity Zone becomes latest repositioning target

arrow_forward_ios