Tourists have been flocking to the surrounding areas to get a glimpse of the set up and they're definitely feeling the excitement.
"It's just the energy, the energy around is really uplifting. I don't know, the U.K. is a bit more depressing, so it's really nice," said Michael Opel, who is visiting from England.
Tourists also are picking up Oscar-related items at gift shops, including fake Oscar statues.
The Oscar shrubs and banners were being placed Thursday, but it wasn't as exciting as the rolling out of the red carpet on Wednesday. The carpet has been covered with plastic so that it doesn't get dirty before the main event.
When stars walk the red carpet, it will be chilly. Temperatures are expected in the 50s wth a chance of rain.
But the Academy says it's ready. Workers have installed the rain canopy, which covers the entrance to the Kodak Theatre and the red carpet.
"With the tents up, you will find out it's going to be about 10 degrees warmer. With the tents up, even if it doesn't rain, it becomes like a greenhouse effect," said red carpet art director Bob Rang. "They'll be cold coming out of their limos but once they get in the tents they'll be fine."
The risers were also set up Thursday for the members of the international media. The preshow rehearsals will get under way on Friday.
One thing tourists won't get to try is the food from Wolfgang Puck, who unveiled his menu for 1,500 partygoers at the Governors Ball.
The show is broadcast to about 200 countries around the world.
Colin Firth, Natalie Portman, Melissa Leo and Christian Bale are just a few of the favorites at this year's awards.
For those who want to know some Oscar trivia, the first Academy Awards was held at the Roosevelt Hotel in Hollywood in 1929. Tickets to the event cost $5 back then and all the winners were known before the show even started.
This year's Oscar ceremony is set to air live on ABC7 from the Kodak Theatre in Los Angeles on Feb. 27, 2011. Check out a full list of Oscar nominations.
ABC7 and OnTheRedCarpet.com are your news sources for Oscars coverage. Live coverage from the Oscar red carpet begins at 2 p.m. PT. "On The Red Carpet at the Oscars" broadcasts LIVE on ABC7. We're also streaming the show online and on the free On The Red Carpet iPad app, available now in iTunes.
When the last awards have been given out, watch continuing coverage of the Governor's Ball and all the Oscar night parties as "On The Red Carpet at the Oscars" broadcasts LIVE on on ABC7. We're also streaming the show online and on the iPad app.