Case Studies

Hollywood

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During the 1990s after years of steady decline in Hollywood, the Los Angeles Community Redevelopment Agency invested in improvements to public transportation and property owners formed a Business Improvement District (BID).  CIM began its more than 16 years of investing in the Hollywood community, and utilized the 1999 adaptive reuse ordinance that incentivized revitalization efforts and encouraged the redevelopment of existing buildings in the area.

Situation

  • Early 1990s: Hollywood experiences years of decline after a lack of investment in retail, office, parking and signage space
  • Mid-1990s: The LA Community Redevelopment Agency begins investing in neighborhood services such as the construction of three Metro Red Line stations and the formation of a Business Improvement District
  • 1999: The LA City Council passes an adaptive reuse ordinance making it easier to redevelop vacant/under-utilized buildings

CIM's Involvement

  • 1998-1999: CIM acquires three properties adjacent to the future site of the Hollywood & Highland® Center
  • 1999: CIM converts a Class B office building on Hollywood Boulevard to a Class A building with full floor renovations
  • 2004: CIM acquires the Hollywood & Highland® Center
  • Recognizing design flaws that do not address the needs of the community, CIM makes sweeping improvements to the center
  • 2004: CIM acquires the Hollywood Renaissance Hotel as well as historic 7046 Hollywood Boulevard and converts it into upscale lofts
  • 2007-2010: CIM continues to acquire hotels, entertainment venues and stabilized office buildings

Results

  • Attracted major office tenants to the Hollywood market such as TV Guide, j2 Global Communications, and Trailer Park
  • Enhanced retail landscape with new tenants such as Forever XXI, Lucky Brand Jeans, H&M, and Zara
  • Improved the community's tourist landscape with Hard Rock Café, Dave & Buster's, Cabo Wabo Cantina
  • Secured extension to host Academy Awards at the Dolby Theatre
  • Significantly increased NOI at Hollywood & Highland® Center since acquisition
  • Today: CIM's investments in Hollywood attract highly desired tenants that continually draw millions of tourists and local consumers to their retail, office and entertainment venues


Through its many strategic acquisitions, CIM has been able to attract major office and retail tenants that have transformed the area into one of the top shopping, dining and entertainment destination for millions local customers and tourists who visit every year.