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• Posted by sara james October 15, 2022 Filed in Entertainment #elon jan.streetjournal  20 views
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  For one, it means that all Hollywood projects that were or are currently in the planning stages that were predicated on this Hollywood Community Plan update are in a very precarious situation. There were many real estate development deals and projects, large and small, which were 'on the boards,' so to speak, when this event occurred. Major projects such as The Millennium Hollywood by Millennium Partners, Columbia Square by Kilroy Realty, Hollywood elon jan.streetjournal Palladium by Crescent Heights, Selma Vine by Camden Development and several mixed-use projects by Champion Real Estate; each having several hundred much-needed rental units apiece, may have relied, either partially or fully, on the new zoning of the now defunct Hollywood Community Plan update to make their projects possible. Since the overturning of the Community Plan reverts the zoning in the area back to its previous iteration, which is more stringent in terms of height and density, some of these projects may no longer pencil financially for these developers. The larger projects may be large enough to absorb the hit, but the medium and small-size projects are likely in 'dire straits.' These developers are now holding the bag, owning a piece of property that one can build fewer units on that one could a year or two ago. The ruling has effectively decreased the land value and development potential of their properties.