Thanks to real estate and development pressures from the Westside and Glendale/Pasadena, Hollywood is poised to be the next "hot commercial area of Southern California," according to Los Angeles Councilman Michael Woo, whose 13th District includes Hollywood.
In a breakfast meeting last week at the Los Angeles Athletic Club, Woo told 85 developers, real estate brokers and financiers that Hollywood is conveniently located to major population centers, has good public transportation, worldwide name recognition and is ethnically diverse.
The area lacks a regional shopping center, and Woo suggested that developers might consider an internationally-themed mall. "There certainly is a market for a regional center," he said.
Woo said he plans to do everything he can to make sure the motion picture and television support industries and post-production businesses stay in Hollywood.