Hollywood Lifestyle Center Gets New Life After $100M Renovation

November 17, 2023

Retail Development Investment Los AngelesMoreNews West

DJM Capital Partners and Gaw Capital USA acquired the property for $325 million in 2019.

Following the substantial three-year renovation, Ovation Hollywood has been reimagined into a modern-day shopping destination. All images courtesy of DJM Capital Partners
The Grand Staircase from the exterior
The Grand Staircase
The Tower
The Terrace

DJM Capital Partners and Gaw Capital USA have officially reopened Ovation Hollywood, a 475,000-square-foot lifestyle center in Los Angeles’ Hollywood, following a $100 million renovation process that started three years ago.

Located in the heart of the neighborhood at 6801 Hollywood Blvd., in an Opportunity Zone, Ovation Hollywood comprises 135,000 square feet of retail space, two floors of nearly 100,000 square feet of creative office space, 85,000 square feet of dining, 65,000 square feet of entertainment space and 40,000 square feet of event space.

The property’s tenant roster includes a diverse mix of retailers such as Footlocker, Sephora, Walgreens, Forever 21, Café de Leche, Hard Rock Café, Tacos Neza, Lucky Strike, Dave & Buster’s and TCL Chinese 6 Theatres, among others.

A shopping center with a history

Formerly known as Hollywood and Highland, the shopping center was developed by TrizecHahn Corp. with funds from the Community Redevelopment Agency. The property came online in 2001, on the former location of the 1902 Hollywood Hotel, which was demolished in 1956 and replaced by the First Federal Building of the First Federal Savings & Loan Association of Hollywood.

DJM and Gaw purchased the decades-old shopping center back in 2019 from CIM Group for $325 million, according to CommercialEdge data, in the largest single asset retail transaction outside of Manhattan of that year. Natixis provided the buyers with a $211.3 million CMBS loan from Wells Fargo Bank and a $52.5 million note from Natixis Bank.

After the acquisition, the new owners announced plans for a major renovation which was set to include the rebranding of the property, upgrade of several retail levels and the courtyard, the addition of office space on the upper floors and removal of the controversial Babylonian-themed archway and oversized elephant statues. The renovation process began in 2020 and much of the property remained open throughout the revamp.

Gensler reimagined and updated the design of the outdated architecture, transforming the five-level mall into a vibrant destination for retail, dining and entertainment which reflects modern-day Hollywood. The newly renovated center achieved a 110 percent increase in foot traffic this year and registered 500,000 more visitors in comparison to 2022.