Bandwagon of show-biz concerns leaving Hollywood picks up speed.

Yesterday's rousing rendition of "Hooray For Hollywood" is today becoming a laconic "Too Bad For Hollywood."

Despite diligent efforts by the Los Angeles Community Redevelopment Agency to clean up Hollywood, the exodus of major show-biz tenants from that still-seedy community is picking up steam fast.

Just last week, Univision Holdings Inc. and its KMEX Channel 34 Spanish-language TV station announced they have signed a new 10-year lease, worth an estimated $14 million, for 50,000 square feet of office and studio space in West Los Angeles.

Univision and KMEX have operated in Hollywood for 30 years. But come October, they will vacate their four Hollywood-area locations and move into the former space of now-defunct Financial News Network. That space is at the Howard Hughes Center, directly adjacent to the San Diego (405) Freeway.

Meanwhile, another long-time Hollywood tenant, music publishing concern Warner/Chappell Inc., is expected this week to deliver another blow to the showbiz capital by announcing it too has signed a new lease and will relocate to West Los Angeles in September.

Warner/Chappell's 15-year lease deal, worth an estimated $21 million, is for 45,500 square feet of space at the new Atria West office project on Santa Monica Boulevard.

Other Hollywood stalwarts that are expected soon to pull up stakes are: Modern Video Film, which will move into about 60,000 square feet of new space in Burbank come May, and the parent company of the Hollywood Reporter, which will move into about 44,000 square feet of new space in the Mid-Wilshire district later this year.

Fox Television and KTTV Channel 11 plan to move from their Hollywood studios to Fox's Century City lot in 1995.

Even Capitol Records Inc. is pondering a move from its landmark cylindrical building in Hollywood. That music giant has hired Drew Planting of Cushman & Wakefield of California Inc. to search for between 200,000 and 250,000 square feet of new office space.

"There's not a single quality building in Hollywood with space available for the next 18 months," lamented Les Small, principal owner of Entertainment Realty Corp., a brokerage firm that specializes in show-biz tenants. "All Hollywood companies with large space requirements are being forced to look outside Hollywood."

"I've had discussions with the CRA (Community Redevelopment Agency), and even gone to the mayor's office to see what can be done," Small continued. "Meanwhile, we all just keep watching as people leave."

Small is presently conducting a search to find at least 80,000 square feet of new office space for the Screen Actors Guild. That union for years has operated out of about 40,000 square feet of leased space at 7065 Hollywood Blvd. But, like many other Hollywood tenants, SAG is now severely cramped for space and has no viable alternatives in Hollywood.

Beginning this week, SAG officials will begin touring alternative locations elsewhere, Small reported.

Many large Hollywood companies have actually been quite successful in their present buildings. Ironically, it is that very success, and the expanded space it requires, that is now driving major Hollywood tenants out of town.

"We spent the better part of four years going through every site in Hollywood," explained Michael Martinez, general manager of KMEX-TV. "Our goal was to stay and work it out in Hollywood, and we had a number of different developers trying to put this deal together. But we just couldn't work out an effective deal for the company."

Government officials at the City of Los Angeles and the CRA insist they are doing everything humanly possible to retain major tenants in Hollywood.

Hope appeared on the horizon last August when the CRA's $922 million Hollywood Redevelopment Plan cleared its final legal hurdle. But that long-stalled redevelopment is progressing very slowly.

The questions lately have become: If and when the redevelopment project does get off the ground, will it be too little too late? And, is the CRA rushing to close the barn door long after the horse has gone?

The CRA is still negotiating with Indianapolis-based developer Melvin Simon & Associates, which is proposing to build what many say is the linchpin of Hollywood redevelopment. But the ultimate viability of that mega-project, called Hollywood Promenade, remains highly questionable.

Financing will undoubtedly be tremendously difficult to obtain. And Simon's request for some $48 million in public subsidies has met with strong opposition from local community activists.

Los Angeles City Councilman Michael Woo, in whose district Hollywood sits, has been working to get the Hollywood Redevelopment Plan into action and to retain existing Hollywood tenants. But based on the continuing exodus from Hollywood, Woo's efforts appear to be having little impact.

The problem appears to be twofold, sources explained.

First, an excessive supply of new Class A office space has been flooding onto the Los Angeles market in recent years. That increased supply comes at a time when demand for office space is down dramatically because of recessionary pressures and mergers. Hence, large corporate tenants can now get some of the best deals in decades on brand-new and near-new office space.

Second, lending institutions have absolutely slammed shut the spigot on financing for speculative office construction nationwide, and especially in Los Angeles. So even if a developer wanted to build a new office tower in Hollywood, finding a lender willing to finance such a project would be virtually impossible.

On the financing side, the CRA has adopted two financial assistance programs so far and expects to get a third approved within the next 60 days, reported Don Spivack, the CRA's director of operations.

One program provides financial assistance for residential construction, while another provides assistance for rehabilitation of existing commercial buildings. And the third program, yet to be approved, would provide assistance to any entertainment-industry project.