The recently-renovated Hollywood Palladium events venue is now up for sale and, according to The Hollywood Reporter, it's "being marketed as a development opportunity; the 3.55-acre site includes a 90,000-square-foot surface parking lot that a developer could use as the site for a hotel or office tower" (that would probably not mean demolition for the theater, which was built in 1940 by LA Times publisher Norman Chandler, though). And even better, "interested parties include 'very recognizable hotels that are tied to the music business that would go there,' he said. Under one scenario, a real estate developer could buy the property, build a tower on the surface parking lot and lease the building to a hotel operator." That sounds a whole lot like the Hard Rock, which has long been rumored to be interested in both Hollywood (and at this particular site, even) and Downtown.
All of that is extra interesting in light of all the forthcoming action that should be going on in the area--there's the under-construction Emerson College project just down the street, the nearby planned Columbia Square towers, and the mixed-use tower at the Old Spaghetti Factory site.
Right now the Palladium is owned by LSREF leased by promoters Live Nation Entertainment; they have a 20 year deal. They also have the least on the 9,200 square feet of empty retail space on Sunset. According to THR, "The property could fetch up to $60 million, according to sources with knowledge of the Hollywood commercial real estate market."
· Hollywood Palladium Put Up for Sale (Exclusive) [THR]
· Hollywood's Palladium Shows Off Its Paint Job [Curbed LA]