Owner Diego Torres-Palma, joined by Hollywood Chamber of Commerce president and CEO Steve Nissen, left, and L.A. City Councilman Hugo-Soto-Martinez, invited the community to return when the Pawn Shop opens next spring. (photo by Edwin Folven)

Community members, city leaders and representatives of the Hollywood Chamber of Commerce came together at the northwest corner of Melrose Avenue and Cahuenga Boulevard on June 5 to celebrate progress at the Pawn Shop, a community sports bar that is currently under construction, and to mark the date by burying a time capsule.

Owner Diego Torres-Palma welcomed guests and thanked the community and the city for their support. The Pawn Shop, which is located at the site of the former Brothers Collateral pawn shop, is planning to open in March 2026. Torres-Palma said he is creating a neighborhood gathering place where sports lovers can mingle, root for their teams and share in communal celebration. He said a neighborhood sports bar is something sorely missing in the area, and he hopes it becomes an important part of the neighborhood.

“This project is about honoring the past while creating a space for the community to come together,” said Torres-Palma, founder of development company Ventana Ventures. “We’re not just opening a bar – we’re creating a new way to experience sports in L.A., one that reflects the character of this city and the people who live here. It’s also a reminder that progress doesn’t always mean starting from scratch. Sometimes, the most powerful spaces are the ones that carry the stories of what came before.”

Torres-Palma was joined at the event by Rudy Gintel, who operated Brothers Collateral with his brother for 40 years from 1980-2020.

“I am just so pleased that this is the way it worked out, because I can’t imagine a better use for this building,” Gintel added.

The Pawn Shop, located at 5901 Melrose Ave., is currently undergoing major renovations. The interior has been stripped down to the supports, clearing the way for the bar and restaurant that will welcome fans ahead of major sporting events in L.A. such as the FIFA World Cup, the Super Bowl and the 2028 Olympic Games. Torres-Palma said it is extremely important to preserve the 1934 building’s key architectural features.

“When I bought the building, the entire facade was covered in wood siding, so you couldn’t actually see any of the fluted columns or any of the beautiful architecture from the Art Deco period,” Torres-Palma said. “So we were able to start taking away that siding and got to see what this building really looked like, and that was just magical. In some way, the siding, while it was covering the beauty, it also kind of protected it. So we got super lucky, and now we’re going to make sure that those become features of the building.”

The 8,600-square-foot venue will have a central bar, communal tables and private mezzanine suites inspired by stadium luxury boxes. James Beard Award-winning chef Tony Messina leads the culinary program.

Members of the crowd that gathered on June 5 were invited to place items in the time capsule, which was buried under the bar. No specific date was set for opening the time capsule, which Torres-Palma said would be decades away. The time capsule was more about capturing a moment in history now, with mementos that represent the community and L.A. sports, he said.

Hollywood Chamber of Commerce president and CEO Steve Nissen placed pins representing the Hollywood Walk of Fame and Hollywood Sign in the time capsule. Los Angeles City Councilman Hugo Soto-Martinez, 13th District, placed a pin of a jersey from basketball legend Jamaal Wilkes, who helped lead the Los Angeles Lakers to a championship in 1980, the year the former pawn shop opened. Members of the Wilshire Warriors youth baseball team contributed a jersey signed by current players. An Oct. 24, 2024, issue of the Beverly Press and Park Labrea News with an article about the Pawn Shop project’s approval by the city was also placed in the time capsule.

Nissen said the chamber supported the project because it will bring many benefits to the portion of Melrose east of Highland Avenue.

“The chamber of commerce was a very early supporter of this because it combines all the elements you really want to see in a development in Hollywood,” Nissen said. “It honors the legacy of a building I actually know well because I grew up around here, and it’s going to create a modern take on it. It will bring people together, both in its main room and smaller gathering rooms, and it respects the community. So all those things were easy to support, and we did it early and we did it enthusiastically.”

“I think it’s great. We should always encourage entrepreneurial spirit and it’s a significant investment,” Soto-Martinez added. “We’re very happy to see what’s happening here. It’s going to change the whole street. If you drive down Melrose Avenue, you’ll see it’s still changing a little bit. So hopefully, this will add to the change, and people will have a place, a small business, a neighborhood bar where they can watch the Dodgers or Lakers or LAFC or whatever. I think it’s a great thing.”