LOS ANGELES (CelebrityAccess MediaWire) — The legendary Hollywood Palladium venue may be in jeopardy after the land it sits on was sold to a developer for an estimated $65 million.
Combined Properties Inc. purchased the 66-year-old Sunset Boulevard building with the intention of developing its large parking lot into possible residences, stores, and a hotel, according to the Los Angeles Times.
The 3,500-capacity Palladium has been a major part of Hollywood history. It was built by former film producer Maurice M. Cohen on the site of the original Paramount Studio, where he planned to create a music mecca. The venue went on to host major acts ranging from Glenn Miller to the Grateful Dead.
Preservationists have been worried that the recent Hollywood real estate renovation boom might lead to razing the venue to make way for more commercially viable properties, as tenants are rapidly moving into the area, attracted by the district’s surging nightlife and urban vibe.
Marianne Lowenthal, executive vice president of Combined Properties, told the paper that “We are going to try out hardest to save the Palladium and restore it.”
She acknowledged that such a project would be “very expensive,” however.
“We are analyzing it right now and working to come up with plans everyone would be excited about.” –by CelebrityAccess Staff Writers