Hollywood Center Project Advances with Release of Final Environmental Impact Report

LOS ANGELES, Sept. 3, 2020 /PRNewswire/ -- MP Los Angeles is pleased to announce that the City of Los Angeles today released the Final Environmental Impact Report (FEIR) for the proposed Hollywood Center project at Hollywood and Vine. In addition to addressing the city's paramount needs, from job creation to environmental stewardship, the $1 billion mixed-use development is poised to bring much-needed housing and over 130 units dedicated for very-low to extremely low-income older adults to Hollywood, constituting the largest provision of this type of housing in a privately financed project in the history of the City of Los Angeles.

"We appreciate the ongoing and thoughtful dialogue around this project and celebrate the milestone that the release of the FEIR represents, as it brings Hollywood Center one step closer to delivering a bright future to the community," said Mario Palumbo, managing partner, MP Los Angeles.

The release of the FEIR follows a public hearing in which a diverse group of stakeholders ⁠—including Los Angeles' leading nonprofit service providers, members of the business community, and labor representatives ⁠— expressed support for the mixed-use project proposed for the surface parking lots surrounding the Capitol Records Building. Among the project benefits that were extolled by the public commenters were the creation of solid living wage jobs, delivery of much-needed very low- and extremely low-income housing set aside for older adults, and the promotion of green and sustainable development as a LEED Gold project that will be GHG net neutral.

"The mission of the Hollywood Chamber of Commerce is to advance a dynamic business climate and elevate the Hollywood experience for all," said Rana Ghandban, president/CEO of the Hollywood Chamber of Commerce. "This project encapsulates our mission as it would positively transform what are currently surface parking lots into a LEED Gold Certified, mixed-use vertical community that will generate jobs, attract new businesses to Hollywood, and construct much-needed housing. Overall, Hollywood Center is an exemplary development proposal that will be transformative for the surrounding neighborhood."

"Los Angeles residents needs the jobs that Hollywood Center will create," said Ron Miller of the LA-Orange County Building Trades Council. "This project goes above and beyond, creating not just investment and jobs but interest in Los Angeles like no project before it."

"An expertly developed proposal of this magnitude means two things for our stakeholders and community members: 1) massive economic development, and 2) a huge influx of new jobs," said Gene Hale, chairman of the Greater Los Angeles African American Chamber of Commerce. "Our communities are hurting right now, and this type of long-term investment in Los Angeles is precisely what we need."

About Hollywood Center

Hollywood Center is a proposed $1 billion mixed-use development located in the heart of Hollywood adjacent to Los Angeles' famed intersection of Hollywood and Vine. For more information, please visit https://hollywoodctr.com/.

SOURCE Hollywood Center