Facility still needs approval from two other municipal groups
The planned 1.2 million-square-foot entertainment and retail complex next to Mann’s Chinese Theater cleared a hurdle Thursday, when the MTA approved the developer’s proposal to lease the land above and adjacent to a Hollywood Blvd. Metro Rail station.
The development, which calls for a 3,300-seat live broadcast theater, a six-screen multiplex, stores and restaurants, is expected to cost about $145 million.
“This is certainly one of the most significant investments Hollywood has seen in decades,” said mayor Richard Riordan, who also serves as MTA board chairman. “It will serve as a catalyst for other similar projects in the future.”
Developer TrizecHahn Centers and principal David Malmuth have been in ongoing discussions with the Academy of Mo-tion Picture Arts & Sciences about the possibility of holding future Oscarcasts at the site (Daily Variety, Aug. 28, 1997).
The project still has to be approved by the Community Redevelopment Agency and the City Council.