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.
A 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]