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Who Is Going to Buy the Hollywood Palladium?
Photo by m kasahara via the LAist Featured Photos pool on Flickr
Rumor has it the owner of the Hollywood Palladium is prepping to list the property for sale this week, and already there's speculation as to what might become of the iconic performance venue. The Hollywood Reporter had the exclusive on the upcoming listing, which they say will be made formal June 4. Sources have said the theatre--which has seen acts ranging from Tommy Dorsey and his Orchestra, Frank Sinatra, the Jimi Hendrix Experience, and Jay-Z--could go for up to $60 million.
Built in 1940 on the original Paramount lot, the Palladium was designed in the Streamline Moderne style of Art Deco, and was funded by L.A. Times publisher Norman Chandler. Now it's owned by LSREF 2 Clover Property 4 LLC, described by THR as "the entity of an undisclosed investment group." It's leased by Live Nation.
But it's what the property could become that might entice new owners. It's being "marketed as a development opportunity; the 3.55-acre site includes a 90,000-square-foot surface parking lot that a developer could use as the site for a hotel or office tower," notes THR.
Who might be such a developer? CurbedLA is already putting out their guess as to who might take on that kind of project: "That sounds a whole lot like the Hard Rock, which has long been rumored to be interested in both Hollywood (and at this particular site, even) and Downtown." THR tends to agree, noting Hard Rock is the first developer to come to mind. Hard Rock has yet to comment.
The evolution of the Palladium, and its potential for growth and change, seems to be in step with what tends to happen to iconic Hollywood properties. A recent remodel put the venue back on the scene for major concerts.
So will the Palladium come tumbling down if it gets bought up for redevelopment? It's not likely, since it's in good shape and has been a fixture in Hollywood for over seven decades now, but the building does not have landmark status, so it's not protected from modification or even demolition.
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