City rejects supergraphics/Cahuenga peak compromise

Two of the city's most heated land use controversies collided this week when a prominent manufacturer of vinyl "supergraphics" offered to contribute to the Save the Cahuenga Peak fund, but only if their signs were allowed to remain. SkyTag, based in Beverly Hills, is best known for their massive "murals" defending free speech, identifiable by the close-up abstraction of Lady Liberty's face. The posters, which at one time could be seen flanking skyscrapers across the city, were deemed illegal by the city council in a fiery standoff in which councilman Eric Garcetti authorized arrest warrants for the building owners who installed the posters.

But in an interesting turn of events, SkyTag has offered to pay the remaining $12.5m required to secure the land above the Hollywood sign named Cahuenga Peak from the Chicago developer who plans to build multimillion dollar homes there. The company, desperate to secure the future of its most profitable business segment, is well aware of the impending deadline set for the Cahuenga Peak buyout funds to materialize. Several interest groups and private citizens have publicized the cause and raised roughly $9.5m. CBS Corp., NBC Universal, the Walt Disney Company, Sony Pictures, Warner Brothers, and Twentieth Century Fox, as well as Hollywood heavyweights Tom Hanks and Steven Spielberg, number among the donors to the cause. But Fox River Financial has given the Trust for Public Land until April 14 to secure the full $22m purchase.

Attractive proposal, right? Wrong. The city council is not biting. "We're not going to trade off beautification in one place for visual decay in another," said Hollywood area councilman Eric Garcetti. The problem with that argument is that supergraphics are temporary, and there legality can be debated indefinitely; but once the Cahuenga developer builds those houses, the Hollywood sign vista will be marred forever. SkyTag's plea comes soon after a federal appelate judge ruled in December that the city's ban on so-called supergraphics was unconstitutional. Twenty of the signs remain. Ironically, the iconic and jealously guarded Hollywood sign was itself a 200x50 ft advertisement when it was installed in 1923 to promote a housing development.

Source: LA Times

At $22M, Cahuenga Peak Still Too Steep

The most expensive piece of land on the market right now is probably also the most stagnant. A couple of weeks ago, Teles Properties passed the 1-year mark on a chunk of 138 acres atop Cahuenga Peak, priced at an altitude sickness-inducing $22 million. The property, which consists of five contiguous parcels, is being offered up by the Illinois investment firm, Fox River Financial, that purchased the land in 2002 for $1,675,000. Since then, the prospect of development on that land has terrified many an Angeleno, especially because of its proximity to the iconic Hollywood sign. The city even began a fundraising campaign to reclaim the land and attach it to neighboring Griffith Park. Their cost estimate? $6 million. Eek.

The site is located between the termini of Wonder View Dr. and Mt. Lee Dr., straddling the Santa Monica range between the Hollywood Reservoir and Universal City. Much touted by the sellers, is the property's supposed 'rich Hollywood history'... but while the land was owned by Howard Hughes and his estate for almost 70 years, the then-world's richest man never actually built anything on it. In fact (perhaps to the embarassment of the sellers), Hughes' invitation to girlfriend Ginger Rogers to live on the mountain estate is what ultimately drove her away from him. So maybe the site's isolation is a curse, but its height and prominence apparently, are not. In a 30-second video spot reminiscent of a theatrical trailer, the realtor drops the tagline, "In a city of superlatives, live above it all."

The mere listing of this property is so cataclysmic, its outcome will be a major forecast of future development and civic attitudes and trends in Los Angeles. If sold, it will most likely be to a developer, who will choose to split the land into its original 5 parcels to maximize profit. To take full advantage of the incredible 360 degree views, the homes will in turn be highly visible to those down below. This will dilute the potency of the Hollywood sign, which as it stands now, is surrounded exclusively by green city-owned hillside. It is still possible that it might be reclaimed by the city, though not for the listing price, which is arguably inflated. Even less likely, a civic-minded philanthropist might buy the land and deed it to the city amidst much fanfare and corporate PR. Most likely however, the price will be reduced and have to sit a while longer, or it will be taken off the market. I can't vouch for Fox River's recession-era health. Whatever happens, you can be sure there will be plenty of emotional litigation - rarely does a single sale of land imply such a drastic alteration to the existing landscape, physically or visually.

Oh and sorry - I forgot to ask... Interested? Contact Sarah Blanchard at 424-202-3216