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HOLLYWOOD, CA-The $51 million, 121,000-sf Hollywest Promenade shopping center has opened here, becoming the first supermarket-anchored neighborhood shopping center to be developed in Hollywood in more than 20 years.

More than 90% of the retail space at the mixed-use shopping and residential center has been leased, according to Victor B. MacFarlane, principal and CEO of San Francisco-based MacFarlane Partners, who says the developers expect the center to be almost fully leased in about a month to new tenants now in lease negotiations.

MacFarlane Partners is an asset-management and urban real estate development firm that owns Hollywest in a joint venture called California Urban Investment Partners. The company’s partner in the venture is the California Public Employees’ Retirement System, with financing from the city of Los Angeles Community Redevelopment Agency. Hollywest’s residential component includes 100 units of affordable senior housing, half of which are expected to be filled within a month, project officials say.

The new center is across the street from the Western Avenue Metrorail station at Hollywood Boulevard and Western Avenue and is anchored by a 46,108-sf Ralphs grocery market. Other tenants include Ross Dress for Less, Aaron Brothers Art & Framing, Blockbuster Video, Starbucks, Jamba Juice, Fantastic Sams, Chinatown Express and Quizno’s Classic Subs.

MacFarlane says the project was designed to meet the need for better shopping and more affordable housing in the area, where other new developments include the Western Carlton, an adjacent mixed-used project that includes 61 affordable housing units, 60 units of family housing, retail, a childcare center on the MTA subway site and more than 10,000 sf of retail. The redevelopment agency has sponsored a number of projects in the area, including the Hollywood and Highland mixed use center, the rehabilitation of the Egyptian Theatre, Capitol Records, El Centro Apartments, and the St. Andrews Bungalows.

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