Hollywood's Surprising Retail Failure

"Hollywood and Highland is the present-day 'Heaven's Gate' of commercial real estate. Anticipated to become the keystone of Hollywood redevelopment, this $615 million extravaganza has been the victim of climbing budgets, poor taste, and a possible miscalculation of its core audience. After taking two enormous charges, worth a total $400 million, Chicago-based owner-developer Trizec Properties finally sold the problematic project last month to CIM Group of Los Angeles, for a modest $201 million. Now CIM has some ideas, albeit preliminary, on how to turn the Blue Elephant of Hollywood Boulevard, crouching on its hind legs atop a 73-foot Babylonian column, into something hipper and more oriented towards locals than tourists."