LOS ANGELES, Dec. 15 (UPI) -- Los Angeles officials have committed to help finance a $200 million project intended to return some lost glamour to the corner of Hollywood and Vine.
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.