New housing for Hollywood
The Los Angeles City Council on Tuesday approved a $325-million development that would add condominiums, apartments and a 296-room boutique hotel to Hollywood.
Most of the money will come from private investors, but the city will have to pay nearly $5 million to purchase the site at Hollywood Boulevard and Vine Street. The Metropolitan Transportation Authority controls about 75% of the land for the project.
Legacy Partners will build 350 apartments, including 74 units for low-income renters. Starwood Hotel and Resorts Worldwide will also add its second W Hotel in Los Angeles.
The city has unsuccessfully backed redevelopment before in the Hollywood area. The city of L.A. contributed $90 million to the Hollywood & Highland retail and entertainment complex, which opened in 2001, but then saw the original developers sell it at a fraction of the initial cost.
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