Hollywood Boulevard's New Real Estate Star

An only-in-Hollywood ribbon cutting ceremony featuring scantily clad dancers, Jimmy Kimmel and a performance by singer Robin Thicke plus the mayor, officially introduced Hollywood's newest real estate star: the W Hotel & Residences. After 10 years in development and almost three years of construction, the $600 million mixed-use, city-block-sized project adds 305 hotel rooms via the W Hollywood Hotel, 375 apartments at 1600 Vine (including 78 units of affordable housing that were snapped up in a lottery) and 143 W Residences to the famed intersection of Hollywood and Vine.

Kimmel called the project the "nicest subway station I've ever been at." And no doubt he was given a sweet deal for being associated with the project. Promotions aside, the transit-orientated development is a new idea for traffic-choked L.A.