Former Hollywood & Highland Center in LA Reopens After $100M Renovation
By Greg Cornfield November 16, 2023 4:55 pm
reprints
The landmark shopping center on Hollywood Boulevard has reopened after three years and a $100 million renovation designed by Gensler.
Private equity firm Gaw Capital USA and developer DJM on Thursday announced the completion of the Ovation Hollywood lifestyle center in Los Angeles with updated retail, dining, entertainment and architectural features. The five-level, 475,000-square-foot shopping center anchors the tourist strip near dozens of historic attractions such as the next-door TCL Chinese Theatre and the Hollywood Walk of Fame.
New attractions include Café de Leche, Tacos Neza and a pop-up shop for Kylie Cosmetics by Kylie Jenner. Dining concepts include The Win-Dow and BOPOMOFO, with more on the way. The fourth floor now focuses on entertainment, and includes a new comedy club called the Kookaburra Lounge and a soon-to-be-announced concept.
Hong Kong- and L.A.-based Gaw Capital USA and California-based DJM acquired the asset in 2019 from CIM Group for around $320 million, according to multiple reports at the time. The owners said it was the largest single-asset retail transaction outside of Manhattan that year.
Much of the property at 6801 Hollywood Boulevard remained open throughout the renovation. According to the owners, Ovation Hollywood saw a 110 percent increase in foot traffic this year and received 500,000 more visitors compared to 2022.
The owners said the property previously known as the Hollywood & Highland center, named after its intersection, was saddled with dated designs, a lack of relevant retail and entertainment, and uninspired common areas.
“The property was desperate for a new vision and a team to bring it into the future of retail,” Dan Lee, managing director of investments at Gaw Capital USA, said in a statement. “We partnered with DJM to redevelop a property lacking relevancy and recognition, despite being located on one of Hollywood’s most iconic intersections. By way of intersecting innovation and history adequately, we’ve rebranded and modernized to create a dynamic world that tourists seek out and locals love.”
The renovation included demolishing the controversial Babylonian-themed archway and massive elephant statues, which made room for a large public art program. Ovation has also hosted other experience concepts recently, such as a 15,000-square-foot Bob Marley “One Love Experience” art show and the Gelato Festival World Masters. Ovation also hosted studio film premieres, movie nights, run clubs, and maker’s markets, most of which have been free and open to the public.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
