"At 125 years, Hollywood is as beautiful as she ever was. Like many a star, we've had many a facelift here, but we continue to sparkle," said Los Angeles City Councilman Eric Garcetti.
The event was marked with an appearance by Jimmy Kimmel, who sang "Happy Birthday," and Los Angeles City Councilman Tom LaBonge, who cheered on the city.
But while Wednesday's ceremony was honoring Hollywood's past, the Chamber of Commerce is also looking to Hollywood's future, with some multi-million dollar projects on the way.
"There were a lot of projects that fell by the wayside or were delayed due to this recession, that are gearing up again," said Hollwyood Chamber of Commerce member Leron Gubler.
Gubler says nearly $500,000,000 worth of new buildings is slated to go up in Hollywood, including the Emerson College west coast extension and the Boulevard 6200 residential and retail project.
"Seventy-seven percent of Generation-Yers plan to live in urban markets where they can walk or take more than one form of transportation to get to their jobs," said Hollywood Chamber of Commerce member Marty Shelton. "This is the future of Hollywood."