The landmark Hollywood Palladium will get a makeover under a deal announced Wednesday by one of the nation's largest concert producers. Adding momentum to revitalization of the Hollywood area, Live Nation Inc. said it will lease and renovate the venue that has featured performers such as Frank Sinatra, James Brown and The Who.
The Palladium "provides us with the mid-sized capacity venue that we were previously missing, and one with a tremendous rock 'n' roll history," Bruce Eskowitz, Live Nation's CEO of North American music, said in a prepared statement. The venue, which holds 4,000 people, has been owned by Palladium Investors Limited for 22 years. "They are the people that can do a good job with it," Alan Shuman, president of the investment group, said of Live Nation.
"I had enough of running it, and wanted to lease it." Further details of the deal were not released. The Palladium closed its doors Dec.
31 for remodeling and is expected to reopen in 2008. Live Nation said the makeover will preserve its aesthetic integrity. Los Angeles-based Live Nation owns or uses more than 150 worldwide venues.
It has produced tours for the Rolling Stones, Madonna, U2 and other
It was then returned to use as a music and dance site. Among its featured performers were Led Zeppelin, Rod Stewart, Red Hot Chili Peppers and Radiohead. Preservation groups including the Los Angeles Conservancy and Hollywood Heritage have voiced concern over maintaining historic Hollywood buildings such as the Palladium.
The venue is just one of a number of properties being renovated or sold in a recent push to redevelop the area, which has seen a growing night-life scene and residential development after years as a hub for crime and prostitutes. Last week, the owners of the Magic Castle and the Japanese mansion that houses the Yamashiro restaurant - both designated historic landmarks near the Hollywood Walk of Fame - said they were looking for someone interested in buying the properties. EMI Music North America announced in September 2006 it sold the celebrated cylindrical Capitol Records building just north of Hollywood and Vine.
The building will still house the Capitol Records label and studio, despite one plan calling for it to become condominiums. "Hollywood's done a great job of preserving its past while it embraces its future. The Palladium is just our latest accomplishment.
Redevelopment has gone hand in hand with restoration," Los Angeles City Council President Eric Garcetti said in a statement.
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