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Hollywood's Revitilization Race Will See Some Drop-Outs

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“You already know there are a number of projects that won’t see the light of day this year." That's John Given, senior vice president at CIM Group, talking to the LABJ about the forthcoming construction slowdown in Hollywood, Sure, projects like the W Hollywood, PaliHouse, Broadway Hollywood, and Sunset and Vine Tower, are coming along swimmingly, but financing difficulties will invariably delay/cancel other projects. Notably Portland developer Gerding Edlen (the developer behind downtown's South Park) is still looking for money for its planned 5925 Sunset Blvd project. Via the LABJ: "Gerding Edlen Principal Tom Cody said the company is close to getting $64 million in equity financing, but acknowledged the process has been slow because of the choppy real estate and finance markets." Cody is pretty upbeat, however, noting the Hollywood market still remains "compelling." But if this "were a project in a marginal area, you could forget about it,' he added." Meanwhile, how's our Columbia Square? Financial heartbeat still going strong? [Rendering of Sunset Gordon at 5925 Sunset; probably an old rendering that looks nothing like the current rendering]
· Is Hollywood Heading for Crash? [LABJ]