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The New New Hollywood: Wave of high-tech firms, millennials spurring a revival of LA neighborhood
Developers are creating the first real Class A office space and thousands of new rental units
From the Los Angeles winter 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. [more]