What was once called simply "the Avenue," is filled with low-income housing and social service agencies.
The Los Angeles Times reports it is mostly populated by Latinos.
The Central Avenue Action Plan, unveiled Friday, will direct money to businesses for storefront renovation, and for the creation of more green space.
Plans call for providing incentives for new businesses to come into the area -- especially restaurants, retailers and movie theaters.
City officials said a recent survey by the CB Richard Ellis commercial real estate firm found residents of the area have to go up to 10 miles to get many of the goods and services they want -- spending about $400 million outside of their local area.