Redevelopment and Urbanization
A number of high profile projects are attempting to restore the lost luster of the area. As of May 2007, major renovations announced by the Los Angeles city council, have begun construction on the famous intersection, developments expected to cost upwards of $600-million,. The new projects call for a 305-room W Hotel tower with 143 adjoining condominiums. Also part of the plan for the southeast corner of the intersection, 375 luxury apartments, restaurants, a nightclub, stores and a spa, as well as retail renovations of the Pantages Theater, similar to the Hollywood and Highland Center a mile down the Boulevard. Expected completion date is November 2009.
Two other large projects are Palisades Development Group's $50-million conversion of the former Equitable office building to condominiums and Kor Group's $70-million conversion of the former Broadway department store, also into condos.
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