Hollywood Landmark Spared. For Now.
In another sign that the Southern California real estate market has slowed down, Hollywood's Old Spaghetti Factory has been spared from the wrecker's ball.
As previously mentioned in Hollywood Thoughts back in February, the former Sunset boulevard Studebaker showroom was scheduled for demolition sometime after Labor Day to begin making way for a luxe condo project.
Like similar developments in Hollywood -- and Las Vegas -- where dozens of highrise retail/housing ventures have been halted, the Italian eatery will remain in-situ for at least the next eighteen months.
Sources indicated to Hollywood Thoughts that the banker's dollars went soft when other mixed-use projects saw their anchor tenants walking away from falling land values and a slow-moving Hollywood re-development.
One financial constant in all of this? An extra helping of pasta still only costs a single buck.