The Future Is Looking Bright In Hollywood
If the current landscape is any indication, Hollywood is just getting ready for liftoff. Commercial real estate professionals expect the building boom to continue for at least five years.
Many developers took a big chance on Hollywood early on and are seeing it pay off, Hollywood Property Owners Alliance associate executive director Joe Mariani (pictured far left) said.
He moderated a panel of heavy-hitters at Bisnow's recent Hollywood Boom event held at Eastown.
The Hollywood Property Owners Alliance is excited about the growth coming to the area, Joe said.
Hotels in Hollywood are occupied 5% above the county average, which is fantastic, according to Joe.
Around 6,000 hotel rooms also are in the pipeline.
Clarett West Development partner Frank Stephan said things are going to continue to head in the right direction.
He's also convinced there are "a lot of large commitments that are still not realized," including Clarett West's Southblock being built across the street.
It will bring in "a lot of quality retail for a whole city block," Frank said.
Newmark Grubb Knight Frank Jay Luchs (pictured right) said there are a lot of "cool areas" around LA from DTLA to Silver Lake and Venice Beach, but he thinks Hollywood will have "a lot of the hipster vibe, but with sophistication as well mixed in."
Hollywood is on a great path, HQ Development EVP Leo Grifka (left) said.
If the community stays on that path and continues with great developments, it will be in a "really good place with a lot of really beautiful developments where people will want to work, play, drink, eat and sleep," Leo told the crowd of 250.
Pankow Regional VP Jack Mollenkopf said Hollywood will have more hotel rooms in the future and both residential and office projects.
Archway Holdings president Sean Moghavem (far right) sees Hollywood as being "probably the most vibrant community in LA, if not one of the top three."