After Years of Decline, Hollywood's a Hot Address

Hollywood, Calif., is rebounding from years of declining popularity as new upscale condominiums and retail developments lure residents.
By: Christina Almeida: REALTOR® Magazine Online
Hollywood, Calif., is rebounding from years of declining popularity as new upscale condominiums and apartments attract attention.

Hollywood's redevelopment began two decades ago with the installation of subway stops, increased security, and the creation of a business improvement district to counter high levels of crime and blight that were driving residents away.

Today, more than 3,500 housing units worth over $1 billion are planned for the city. One project involves renovation of the Broadway department store, with the KOR Group selling almost all of its 96 lofts at prices from the upper $500,000s to $3 million in just two weekends.

However, business owners are concerned about the city's use of eminent domain to make properties available for residential redevelopment, with 30 businesses so far required to relocate as a result.