The area of Los Angeles known as Hollywood had, until the 1970s many entertainment related businesses in it. After that time, the show biz people moved out to the "westside" Santa Monica or Beverly Hills or to the San Fernando Valley (Burbank). The character of the area changed as well. It had been mostly white and now is a mix of Latinos and whites.
Little by little Hollywood is "re-developing". Time will tell whether the money being expended will make the area nicer or not, but for the time being, people are trying.
This photo is taken a few hundred feet north of Sunset Boulevard along Ivar Avenue. Ivar is the street where the Hollywood Public Library is. Just south of this picture is a store-front business named: Grand Master P Recordings. The 1520 probably refers to the street number on Cahuenga Boulevard. This building goes through from Ivar to Cahuenga.