The Hollywood & Highland Center mall's top floors will be converted for various events and create office space.
The Hollywood & Highland Center mall has more than 20 years of history. The mall, located near Hollywood's Walk of Fame, was one of the neighborhood's focal points and a tourist attraction. Like many major malls, the mall began to experience an exodus of visitors, only exacerbated by the pandemic. In 2019, the mall was acquired by Gaw Capital and DJM from CIM Group for $325 million, and a new chapter in its history began.
The new project, which involves a complete renovation of the mall, is called Ovation Hollywood and will include about $100 million. It is reported that the mall's reconstruction has already begun, and its completion is expected by mid-2022.
The owners will completely rethought forty-four thousand square meters of shopping space. One of the main changes will be turning the upper floors into office space, which will then be rented out. Besides, part of the space will be set up for events of all kinds.
Also, Ovation Hollywood will have more than 12,000 square meters for retail. About 8,000 square meters will be allocated for various restaurants and cafes, and about 6 thousand square meters will occupy a variety of entertainment areas.
Will change and the mall's appearance, architectural firm Gensler is already working on plans to update the structure's overall appearance and color scheme, with particular attention paid to pedestrian entrances to the mall. It is reported that the central part of the architectural composition of the mall - a tiered courtyard in the open air - will be wholly renovated using decorative elements in the Art Deco style.
Ovation Hollywood's owners hope for a quick return of tourists, including those from other countries who will continue to come to Hollywood after the situation stabilizes.
15 APRIL 2021, USA