Hollywood began a comeback this century and has attracted billions of dollars of investment in housing, hotels, shops and entertainment. The neighborhood is enticing to a younger generation of entertainment professionals unperturbed by its seedy recent past, real estate expert Richard Green said.
"It was intimidating 30 years ago, like Times Square," said Green, director of the USC Lusk Center for Real Estate. "It's much nicer now. Hollywood is gentrifying very rapidly."
Its proximity to prosperous neighborhoods such as West Hollywood and Hancock Park adds to the neighborhood's appeal.
"You're close to the amenities generated by all that wealth," Green said. "It's easy to go from Hollywood to Pizzeria Mozza," a trendy restaurant in Hancock Park.