3/1/2024 0 Comments Zara hollywood and highland![]() Gaw described its forte as “adding strategic value to underutilized real estate,” while DJM has an expertise in experiential retail and developed the beachside retail, hotel and residential project Pacific City in Huntington Beach, Calif. However, the new owners maintain reputations as masters of remodeling. The announcement did not mention a price tag for the redevelopment. Renovation of the mall will begin in 2020, and the remodel will be wrapped up in 2021, according to a joint statement by DJM and Gaw. CIM will remain the owner of the 3,400-seat auditorium. This recent sale does not include the Dolby Theatre at Hollywood & Highland, where the Academy Awards ceremony is produced. The property was acquired for an undisclosed amount by real-estate developers DJM and Gaw Capital USA. It is will be located across the street from the Pacific Ocean and a couple of blocks away from the city’s popular retail and tourist intersection-Main Street and Pacific Coast Highway.- A.A.After a 15-year run of managing the Hollywood & Highland retail center by tourist landmark the TCL Chinese Theatre, the CIM Group announced that it has sold the mall, which features an architectural theme of early-20th-century film-industry glamour. The Strand will offer 110,000 square feet of retail and will include a Ruby’s Diner restaurant and a Forever 21 store. In other CIM news, Kreshek reported that the company’s Huntington Beach, Calif.–based hotel, office and retail complex, called The Strand, is scheduled to open in early 2008. The CIM principal said that it would be a hard goal to reach since the area is such a popular destination for visitors from around the world. Kreshek said one goal for his company would be to make 80 percent of retail traffic at the Hollywood & Highland area local. While tourism has bounced back in the past couple of years, CIM has increasingly sought out a local market for its tenants. The mall was built to service the more than 15 million tourists who visit the landmark Grauman’s Chinese Theatre, which is a Hollywood & Highland tenant. The cultivation of a local consumer has been an ongoing issue since the CIM Group purchased Hollywood & Highland from Trizec Properties Inc. So many shopping-center owners are developing a focus on attracting more local consumers. What was a 25-minute trip 10 years ago often takes 45 minutes to 90 minutes in the present day, many Los Angeles residents complain. The increasingly congested traffic of the metropolitan areas of Southern California has made a cross-town trip difficult. They are all tough drives from Hollywood,” he said. “Their only fashion alternative is going to Glendale, Pasadena and The Grove. The burgeoning population living in the Hollywood area, which includes many well-to-do young singles, has few shopping choices, according to Kreshek. The two new stores will likely draw fashion and lifestyle consumers who live in the area rather than tourists. The new retailers should attract a different crowd to the Hollywood & Highland neighborhood. The two high-profile fast-fashion retailers will move into a building that until late March was occupied by three T-shirt and gift shops, which catered to tourists, according to Jeff Kreshek, principal of the CIM Group. The 10,000-square-foot H&M is scheduled to open fall 2007. The developer had announced last year that H&M would open a store adjacent to the space that will be filled by Zara. It will be located across the street from the Hollywood & Highland shopping center, whose tenants include American Eagle, Louis Vuitton, BCBG Max Azria, Gap and Virgin Megastore. Zara is scheduled to debut in the summer of 2008. Now, fastfashion stalwarts Zara and H&M Hennes & Mauritz have set their sights on Hollywood.ĬIM Group, owners of the Hollywood & Highland shopping center, announced on April 19 that Spanish-based Zara will open a two-story 17,000-square-foot store at 6904 Hollywood Blvd. ![]() ![]() Fast-fashion chains have helped change the face of retail for many U.S.
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