City Councilman Eric Garcetti told the Los Angeles Times the decision by redevelopment officials would go a long way toward restoring some of the legendary location's lost luster -- by putting up four-star hotel, shops, restaurants, apartments and condominiums.
"Glitz, glamour, jobs and housing," said Garcetti, "this project has it all."
Plans call for a parking lot to occupy the site where the famous Brown Derby restaurant stood at the corner of Hollywood Boulevard and Vine Street. The Derby was a favorite spot for celebrities, and enjoyed a long run as a symbol of Hollywood elegance.
The Community Redevelopment Board approved agreements with private builders on Friday that would have the agency provide subsidies of up to $2.5 million for the project. The City Council still must give its approval to the project.
Swim Week Miami Beach 2014 [PHOTOS]