HOLLYWOOD, CA-The Motion Picture Hall of Fame has signed a deal with building owner Meringoff Equities to lease 50,000 sf of retail space at the Hollywood & Vine Plaza Building, 6300 Hollywood Blvd.
The Hall of Fame is expected to move into the historic building, a corner property also known by its 1645 Vine St. address, in early 2004 after construction of tenant improvements expected to begin in mid-2003, according to a Meringoff announcement. The 50,000 sf will include a restaurant as well as television production space from which the annual televised Hall of Fame induction awards program will be produced, along with a 50-seat theater.
The 6300 Hollywood Blvd. building, at the corner of the storied Hollywood and Vine intersection, is in the Hollywood Entertainment District, a business improvement district stretching 18 blocks from LaBrea Avenue on the west to Gower Street on the east.
The arrival of the Hall of Fame at the building is the latest in a series of developments that are boosting the fortunes of the entertainment district, BID executive director Kerry Morrison tells GlobeSt.com. The Hollywood and Vine intersection has a new MTA transit stop, along with a host of retail venues and night life, and is designated as the site for a $282 million Community Redevelopment Agency project in cooperation with developer Legacy Partners. In that project, which is estimated to be about two years from beginning of construction, Legacy and partner Gateway Capital have proposed a 300-room hotel, 200 apartment units, 46 condominiums, 30,000 sf of ground-level retail space, and 732 parking spaces.
The 6300 Hollywood Blvd. building was one of the earliest department stores in Los Angeles and was known as the shopping center of the movie stars. It was designed by architect Fred R. Dorn and built in 1928 as the B.H. Dyas Department Store before being converted to a Broadway Department Store in 1931. Hollywood historians claim that women's slacks were introduced to the world at the store, a fashion first that trumped New York by two years.
The Motion Picture Hall of Fame was represented by Manuel Meza and Gerald Schneiderman of Edgemore Properties, while the building owner was represented by Patrick Lacho of M + S Management Co. Terms of the deal were not disclosed, but online property listings say asking rates range from $2.50 to $3.50 per sf per month, triple net, for retail space at the building.
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