A ground-breaking was held today for a new new pedestrian alleyway in Hollywood, according to a press release from City Councilman Eric Garcetti's office. Called the East Cahuenga Cosmo Pedestrian Alley, and located west of Cosmo Street between Hollywood Boulevard and Selma Avenue, the alley will offer outdoor open space, outdoor dining, and patio space. First proposed back in 2008, the project is expected to be completed in fall 2011. And spend it while you can? The alley's transformation is being funded through Community Redevelopment Agency funds, according to a press release.