After a lengthy delay and challenges from community stakeholders, the Los Angeles City Council has voted in favor of Hackman Capital Partners’ $1-billion proposal to modernize and expand the Television City (TVC) complex. The vote was unanimous at 13-0, according to a report by the Los Angeles Times.
The project will bring significant changes to TVC, located at 7800 Beverly Blvd. in Fairfax neighborhood. It is expected to add approximately 980,000 square feet of new offices, soundstages, production facilities and retail space on the property. A 15-story office tower will also be built within the campus area. Once completed, this development will cover nearly 1.7 million square feet.
Councilmember Katy Yaroslavsky expressed her support for this project as it is crucial for sustaining LA’s position as an entertainment hub worldwide: “This project presents us with a real opportunity to maintain our status as the entertainment capital of the world,” she said during discussions reported by The Times . “We cannot afford to let this chance slip away – there is simply too much at stake.”
Overall,the approval marks an important milestone for both Hackman Capital Partners and LA’s thriving entertainment industry.
