HOLLYWOOD BOULEVARD PLAN CANNED.Byline: Jesse Hiestand Staff Writer Saying they can't obtain financing at this time, two developers said Friday that they are scrapping plans to build an ultramodern retail outlet retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → next to Mann's Chinese Theater in the heart of the Hollywood redevelopment zone. Steve Ullman and Larry Worchell said they cannot get financing for their HollywoodOrange Building because their prospective anchor tenant, Frederick's of Hollywood Frederick's of Hollywood is a well known retailer of lingerie in the United States, with stores in many modern shopping malls across the USA. The business was started by Frederick Mellinger (inventor of the push-up bra) in 1946. , is in Chapter 11 bankruptcy protection, said project attorney Jack Rubens. ``It's their hope that at some point the development of this site will go forward with either the current design or a new one,'' Rubens said. ``They wanted to give back to the Hollywood community by designing an architectural landmark for Hollywood Boulevard For uses other than the original street, see Hollywood Boulevard (disambiguation). Hollywood Boulevard is a boulevard in Hollywood, Los Angeles, California, United States, beginning at Sunset Boulevard in the east and running northwest to Vermont Avenue, where it straightens out .'' However, Frederick's spokesman Seth Jacobson said the deal fell apart because the developers could not find tenants for the other two spaces. Frederick's even disputes that they were the anchor. ``They're just using us as an excuse,'' Jacobson said. ``It had absolutely nothing to do with the bankruptcy.'' Rubens declined to discuss other prospective tenants. Architect Michael Rotondi's building would have put two stories of retail space and a rooftop terrace on what has been a parking lot since the 1920s, Rubens said. Groundbreaking was scheduled for the near future. HollywoodOrange, named for its proximity to N. Orange Drive, would have been about two blocks from the center of the area's ongoing revitalization, Trizec-Hahn's $430 million Hollywood & Highland project, future home to the Academy Awards. Other nearby attractions include the renovated Egyptian and El Capitan El Cap·i·tan A peak, 2,308.5 m (7,569 ft) high, in the Sierra Nevada of central California. Its dramatic exposed monolith rises some 1,098 m (3,600 ft) above the floor of the Yosemite Valley. theaters and the Hollywood Roosevelt Hotel
While not part of the Community Redevelopment Agency's Hollywood project, HollywoodOrange was in the spirit of the area's rebirth, said Jack Kyser, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the for the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County Economic Development Corp. ``It leaves a gap, but not one that will go unfilled for long,'' Kyser said. The building could have helped drive tourist and other business to the nearby Galaxy, a struggling retail and theater complex, Kyser said. Frederick's, the women's intimate-apparel retailer, with about 200 stores in 40 states, was driven into bankruptcy by heavy debt. It had planned to relocate its flagship store and lingerie museum, now just five blocks away on Hollywood Boulevard, to the HollywoodOrange Building and leave the corporate offices at the old location, Jacobson said. Frederick's has been looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a new space for its proposed superstore in the area for the past month. Los Angeles City Councilwoman Jackie Goldberg Jackie Goldberg (born June 16, 1937) is an American politician and teacher, and a member of the Democratic Party. She is a former member of the California State Assembly. , whose district includes Hollywood, believes the HollywoodOrange project will have a second life. ``I'm absolutely confident that it will be resurrected - this is just a short-run problem,'' Goldberg said. If the project is delayed or abandoned, it's not likely to have a major impact on the area's renovation, said Kerry Morrison, executive director of the Hollywood Entertainment District, a business improvement organization. Morrison believes the developers will work out a new deal or other investors will jump at the choice location. ``It's right in the middle of the action,'' he said. John McCoy, deputy administrator of operations for the Community Redevelopment Agency of the city of Los Angeles
``It's unfortunate it didn't go forward but it's only one of a whole series of developments going in there along Hollywood Boulevard,'' McCoy said. |
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