Gatehouse Starts A Multi-Use Project : Real estate market in Hollywood is now interested in the restoration of dilapidated and neglected properties. Developers and investors are concentrating on creating new residential and retail projects by renovating neglected office buildings, residential homes and apartment buildings.

Dallas based Gatehouse Capital Corp. is a real estate investment and advisory services firm that develops mixed use projects and hotels. It has finally started the construction of the prestigious W Hollywood Hotel Project. This is a multi use project consisting of hotel, condos and retail space. It is being developed at the intersection of Hollywood and Vine near the on-site transit station. It is being built at an estimated cost of $600 million and is one of the largest real estate projects in California that is being financed by a private firm.

Earlier known as Hollywood and Vine project, W Hollywood hotel project is a part of rehabilitation developments that are being done in Hollywood. Speaking on the news, Gatehouse Capital’s president and chief executive officer Marty Collins has said that the main objective of this development would be to transform a once dilapidated area into a premier commercial zone.

The firm is planning to complete the central 305 room W Hollywood Hotel by 2009. Apart from the hotel, the project would also consist of 143 condominiums, 375 luxury apartments and almost 50,000 square feet of retail space available for sale or rent. Gatehouse Capital has agreed for a partnership with Connecticut based HEI Hospitality LLC for the development of the hotel.

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Source: www.articlecity.com