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The Los Angeles City Council has adopted a motion which authorizes the purchases of Hollywood's Dolby Theatre from CRA/LA for $100,000.

Completed approximately 16 years ago as part of the larger Hollywood & Highland Center, the theater has served as the permanent home of the Academy Awards since 2002.  The City of Los Angeles, through the now defunct Community Redevelopment Agency, paid approximately $30 million towards the construction of the 3,000-seat venue, as well as $60 million to finance an attached parking garage.

The property was placed in limbo in 2011, when California Governor Jerry Brown signed legislation that effectively dissolved all community redevelopment agencies across the state.  CRA/LA was established shortly thereafter as a designated successor agency, tasked with selling off the vast real estate portfolio that the former CRA had accrued over the course of decades.

While many of the former CRA properties are "awkwardly encumbered lots" that offer few opportunities for added value, others have immense potential.  One of the most prominent sites up for grabs is Angels Landing, otherwise known as Bunker Hill Parcel Y-1, a development site in Downtown Los Angeles that has long been slated for a mixed-use high-rise development.

Image via Wikimedia Commons

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