Hollywood BID Opens its Doors
Hollywood’s newest retail venues have been magnets for national chains, creating a tough act to follow for storefront development along Hollywood Boulevard.
In a bid to spur retail interest along the corridor itself, the Hollywood Entertainment District will host a real estate open house Friday, June, 15 from 10:30 a.m. to 12:30 p.m. Held in conjunction with the Hollywood Chamber of Commerce Economic Development Summit at the Egyptian Theatre, the event will highlight around 20 low- and high-rise properties and vacant lots to potential investors, brokers and developers. Property owners and brokers, including the CIM Group, a major stakeholder in the area, will be on hand to address questions.
Leasing space ranges from 600 to 10,000 square feet in the 18-block business improvement district bounded by La Brea and Gower avenues.
To date, dozens of high-profile stores—including Christian Dior, Sephora, Tommy Hilfiger and Victoria’s Secret—have inked leases at the area’s three anchor projects, TrizecHahn Development Corp.’s Hollywood & Highland, Bond Capital’s Hollywood Marketplace and Pacific Theatres’ Cineramadome Entertainment Center. Meanwhile, the business improvement district has attracted a number of nightclubs, restaurants and service-oriented companies to the region. So far, though, the only national chain to sign on has been Starbucks, which opened last March.
“It’s been hard to capture the attention of people looking for retail opportunities,” said Kerry Morrison, executive director of the district. “The kind of places we’re opening during the open house don’t have professional leasing agents. This event will serve like a realtor’s caravan where interested parties can hit 10 places in an hour.”
Summit attendees can register for the open house that morning. A trolley will shuttle participants to the different properties.
For more information, call Kim Sudhalter at (323) 654-1278 or visit the district Web site at www.hollywoodbid.org.
