The saga of the 1601 North Vine project, which involved a $1 million payout to Molly's Burger (her burger shack sits on the land), and questionable actions by the Community Redevelopment Agency (moves which gave ammunition to the CRA-bashers), appears to be over following the City Council's approval of the sale of the CRA-owned property in Hollywood. In anticipation of today's vote, the Wall Street Journal rehashes some of the drama surrounding the deal. And more about what's planned via the Wall Street Journal:
"Under the terms of the transaction, a majority of the space would be reserved for businesses tied to the entertainment industry, something that is needed, given the new housing in the area, according to the developer.
"The last thing you want is for Hollywood to become a mini-suburbia in the city," says Hal Katersky, chairman of Pacifica Ventures, which plans to build a 107,000-square-foot building." (Whether some of those development-weary Hollywood locals agree with that sentiment isn't clear.) The Gensler-designed office project still has to go through the process of getting its land entitlements, so no financing has been obtained yet for the project, William Delvac, representative for the developer, tells us.
· Hollywood Sets Comeback [Wall Street Journal]