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HOLLYWOOD-Gatehouse Capital Corp. of Dallas has kicked off construction of its W Hollywood Hotel project, a $600-million combination of hotel, retail, condominium and apartment development at the intersection of Hollywood and Vine. The development, one of the largest privately financed real estate projects in California's history, is one of a growing number of projects in the Los Angeles area that are being designed around transit centers.
The centerpiece of the project is the 305-room W Hollywood Hotel that is slated for completion in 2009. The development will also include 143 condominiums, 375 luxury apartments to be developed by Legacy Partners and approximately 50,000 sf of retail space, all of which is within a short walk of an on-site transit station.
The W Hollywood Hotel project has been under development for five years and was at one time informally known simply as the Hollywood and Vine project. It is being undertaken in a Los Angeles city redevelopment zone.
Marty Collins, Gatehouse Capital's president and CEO, comments that the project is designed to "turn an area that had over the years become emblematic of urban blight into a premier destination for residents, visitors and workers." Gatehouse, which is developing the hotel in partnership with HEI Hospitality LLC of Norwalk, CT, is a real estate investment and advisory services firm that specializes in mixed-use developments and hotels.
The W Hollywood Hotel project is the latest in a series of ground-up and rehabilitation developments that have transformed Hollywood in recent years. Developers have created new residential and retail projects, restoring once neglected office buildings and other structures, while investors have rehabilitated apartment buildings and other properties.
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