Advertisement
YOU ARE HERE: LAT HomeCollections

The Future of the Hollywood Promenade

October 01, 1992

Contrary to two articles about the Hollywood Promenade which recently appeared in The Times, the project is neither comatose nor dead. With Councilman Mike Woo's support, Melvin Simon & Associates made a long-term commitment to Hollywood. After the civil disturbances, Melvin Simon wrote to Mayor Bradley and Councilman Woo pledging our continuing commitment to Los Angeles.

Councilman Woo has withdrawn his support for the project. Simon has not. We intend to continue our discussions with the Community Redevelopment Agency and the Los Angeles County Transportation Commission on behalf of a project we believe is the catalyst for Hollywood's future.

Has progress been slower than I would have wanted? Of course. Over the past six years we have had to work through the city's extensive environmental and entitlement processes, successfully fight an environmental lawsuit, work with potential lenders and Los Angeles, and finally endure the worst real estate market since the Depression. However, we believe that ultimately the Promenade makes sense. It will produce nearly $120 million in revenue to the CRA and city of Los Angeles over the next 30 years, enhance an important tourist destination and boost the efforts of many Hollywood residents to revitalize their community. Moreover, this project will generate $40 million to $60 million in revenues for the Los Angeles County Transportation Commission.

Our company develops projects across America. Many of the problems Los Angeles is facing today have been and are being faced in other cities. The difference between cities that meet those challenges and cities that do not is simple: City leaders agree on common goals and implement the changes necessary to meet those goals, even in the face of shortsighted opposition. It is time for the leaders of Los Angeles to begin that process.

T. BARRETT LINDSEY, Indianapolis, Ind. Lindsey is senior vice president for development at Melvin Simon & Associates.

Advertisement
Los Angeles Times Articles
|
|
|