A Los Angeles shopping center that features the site where the annual Academy Awards event is held has been upgraded in another sign of demand despite challenges facing some retail properties.
The three-year, roughly $100 million renovation wrapped up in 2023 for Ovation Hollywood, a major shopping center along the tourist-heavy stretch of Hollywood Boulevard in Los Angeles. The transformation earned the project a 2024 CoStar Impact Award, as judged by a panel of local industry professionals.
After buying the property in 2019, Gaw Capital and DJM added new retailers as part of the renovation including Café de Leche, Tacos Neza and a Kylie Cosmetics by Kylie Jenner pop-up shop. The 475,000-square-foot property upgrade also included a new comedy club and another soon-to-be-announced entertainment concept.
The renovation did away with the former Babylonian-themed archway and oversized elephant statues for a new archway design that makes for a popular photo backdrop. The property also features a revamped courtyard, a large-scale mural and other architectural upgrades.
Foot traffic has increased more than 110% since the renovations, and Ovation Hollywood saw roughly 500,000 visitors in 2022.
About the project: Ovation Hollywood is a roughly 475,000-square-foot shopping center along the Hollywood Walk of Fame in Los Angeles. DJM Capital and Gaw Capital injected roughly $100 million reimagining the shopping center.
What the judges said: "An exceptional repurposing of retail during a difficult time, integration of events and retail, public art and modernized architecture and improved tenant mix," wrote Kitty Wallace, senior executive vice president of Colliers.
They made it happen: The development team included DJM Capital President Lindsay Parton, Founder and CEO D. John Miller, Chief Operating Officer Becky Sullivan, Senior Vice President of Construction and Development Brett Thornton, Chief Creative Officer Chad Cress and Vice President of Development Kris Golder. In addition, the development team featured Gaw Capital's Chairman, Managing Principal and Co-Founder Goodman Gaw, Managing Director of Investments Dan Lee and Senior Vice President Adam Bowser. Gensler Principal Duncan Paterson also was involved in the project.
CoStar Market Manager Brian DeHart contributed.