The Hollywood development project that is to house the Academy of Motion Picture Arts & Sciences theater is a step closer to approval by the Los Angeles City Council next week.
On Wednesday, a City Council committee voted 3-0 to recommend to the full council that it approve the project’s financial package, which would entail a $90 million investment by the city.
The project, on Hollywood Boulevard just east of Mann’s Chinese Theater, is envisaged as a $385 million retail, commercial and entertainment center that would significantly boost the fortunes of the entire area. It is set to open in about three years.
City Council members, including Jackie Goldberg, in whose district the development will lie, are set to cast their first vote on the project Tuesday.