Ovation Hollywood: A $100MM Transformation Reinvigorates Iconic Shopping Center

Ovation Hollywood, Los Angeles, Gensler, Gaw Capital, DJM
Image courtesy of RSM Design

The heart of Hollywood Boulevard is once again pulsating with energy as the Ovation Hollywood lifestyle center reopens its doors to the world after a remarkable three-year, $100 million transformation led by renowned architecture firm Gensler. Private equity firm Gaw Capital USA and developer DJM proudly announced the completion of this project, bringing a fresh and dynamic vibe to the historic Hollywood strip, adjacent to iconic landmarks like the TCL Chinese Theatre and the Hollywood Walk of Fame.

The Ovation Hollywood lifestyle center, spanning a vast 475,000 square feet across five levels, has undergone a stunning metamorphosis. This revitalized complex now boasts an array of updated retail, dining, and entertainment options, as well as an impressive architectural facelift that is sure to captivate both tourists and locals alike, according to a report in the Commercial Observer.

One of the reimagined areas includes the introduction of new attractions and dining experiences. Visitors can now enjoy culinary delights at Café de Leche, savor authentic Mexican flavors at Tacos Neza, and explore the world of beauty at a pop-up shop for Kylie Cosmetics by Kylie Jenner. With concepts like The Win-Dow and BOPOMOFO, the dining options are diverse and appealing, with even more to come. The fourth floor has been transformed into an entertainment hub, featuring a new comedy club known as the Kookaburra Lounge, with additional concepts soon to be unveiled.

The journey to this grand reopening began in 2019 when Hong Kong- and L.A.-based Gaw Capital USA and California-based DJM acquired the property from CIM Group for approximately $320 million. At that time, it marked the largest single-asset retail transaction outside of Manhattan, demonstrating the immense potential seen in this iconic location.

Throughout the extensive renovation, much of the property at 6801 Hollywood Boulevard remained open to the public. This approach paid off, as Ovation Hollywood saw a 110 percent increase in foot traffic this year, welcoming 500,000 more visitors compared to 2022, according to the report.

The transformation of Ovation Hollywood was not merely a cosmetic change; it was a complete reimagination of a modern lifestyle center. The property, previously known as the Hollywood & Highland center, had outdated designs, a smaller retail and entertainment footprint, and aging common areas.

Dan Lee, managing director of investments at Gaw Capital USA, shared his perspective on the project in the report: “The property was desperate for a new vision and a team to bring it into the future of retail. We partnered with DJM to redevelop a property lacking relevancy and recognition, despite being located on one of Hollywood’s most iconic intersections. By way of intersecting innovation and history adequately, we’ve rebranded and modernized to create a dynamic world that tourists seek out and locals love.”

The renovation also included the removal of the Babylonian-themed archway and massive elephant statues, making way for a large public art program that adds vibrancy to the space. Ovation Hollywood can now host a variety of experience concepts such as the 15,000-square-foot Bob Marley “One Love Experience” art show and the Gelato Festival World Masters. Additionally, the center has been a venue for studio film premieres, movie nights, run clubs, and maker’s markets, most of which have been free and open to the public.