Well, I am going to describe it differently from your first responder. If you would google "dogtown los angeles" you will get a number of responses, and that shows it pretty well, including a map, a link to the movie, the lofts they are now building (go figure!), a store -- in other words, everyone cashing in. But that map up front says it all. It's the triangle of Abbot Kinney, Venice Blvd, and Pacific.
Now you can go check it out.
Next, ask me about Frogtown, more on my side of town! :)