The Hollywood & Highland center is being renamed Ovation Hollywood and will undergo a major design upgrade under plans announced on Aug. 5 by owners Gaw Capital USA, a Hong Kong- and Los Angeles-based real estate private equity firm, and DJM, a San Jose- and Los Angeles-based private equity real estate developer.
The updates to the shopping destination will reflect the modern global city in which it is located, according to a press release by Gaw Capital USA and DJM.
“Hollywood is as much an idea as it is a place,” said Stenn Parton, chief retail officer for DJM. “The idea of Hollywood is optimism – dreams and ambitions feel more tangible when you’re here. Our reimagining of Hollywood & Highland into Ovation Hollywood is about creating a place that captures this idea.”
Plans call for the renovations to begin later this year and be completed in late 2021. Ovation Hollywood will be transformed into a mixed-use project with 135,000 square feet of retail, two floors of nearly 100,000 square feet of creative office space, 85,000 square feet of dining, 65,000 square feet of entertainment space and 40,000 square feet of event space. DJM is also planning to bring an updated mix of tenants to the property.
Gaw Capital USA and DJM are working with the global design and architecture firm Gensler to oversee Ovation Hollywood’s updates. The most visible changes coming soon to Ovation include a simplified facade and color scheme, new concept for the tower, easier-to-navigate layout, updated landscape design, new art pieces, enhanced outdoor space and new businesses.
Gaw Capital USA and DJM acquired the Hollywood & Highland center last summer and announced their intention to modernize the 19-year-old property. Gaw Capital USA also owns the Roosevelt Hotel and Bradbury Building, among other properties in Los Angeles.
“Since 1995 and renovation of the Hollywood Roosevelt, we have been proudly embedded in the Hollywood community,” said Goodwin Gaw, chairman and managing principal of Gaw Capital Partners. “Over the years, I have developed a profound appreciation for Hollywood, its history, symbolism and potential. Those sentiments are uniquely reflected in the Ovation project. We are honored to offer the Hollywood community and visitors that make this city so special a glimpse of what is to come at Ovation.”
For information, visit ovationhollywood.com.