Two New York real estate developers unveiled on Friday their plans for a nearly $1 billion mixed-use development that would rise up around the iconic Capitol Records Tower on Vine Street in Hollywood.
The roughly 1 million-square-foot project would include residences, a hotel, office space, restaurants and retail space. ?The project from developers Millennium Partners and Argent Ventures requires city of Los Angeles approval in order to move forward; it typically takes about two years to gain authorization for such a project.
It would be built on a surface parking lot next to the famed 13-story circular tower, and on another parking lot across Vine Street.
Though the developers purchased the tower at 1750 Vine St. in 2006, their initial plan to develop the property was halted by the recession. From the time Millennium and Argent acquired the 4.5-acre property, some in Hollywood?s preservation community have expressed concern that new development near the tower might obscure it from view. The building is protected from demolition or significant alteration because it is part of the National Register of Historic Places? Hollywood Boulevard commercial and entertainment district.
Millennium and Argent said in a statement that their plans would preserve the building, and views of it.
?Our utmost goal was to preserve this world-famous landmark,? said Philip Aarons, founding partner of Millennium, in a statement. ?We take our responsibility as steward of this civic treasure very seriously, and that?s why we have spent considerable time and energy crafting this plan for a forward-thinking and vibrant project that is respectful of the Capitol Records Tower and the role it plays in Hollywood.?
Maureen Schultz, senior vice president of Capitol Records, said in a statement that the label has a ?good relationship? with the developers, adding: ?We?ve been upfront about our concerns during construction, and they have been very receptive to our issues. In the end, we will all benefit from the Millennium Hollywood project.?
Plans for the project include 492 residences, a 200-room hotel, and as much as 150,000 square feet of office space, among other features. Much of the development would be concentrated in two towers, with the taller building rising 48 stories.
There have been a handful of large mixed-use developments to open in the last decade or so. The $615 million Hollywood & Highland Center, which includes a shopping mall, hotel and the Kodak Theatre, opened in 2001. And the $600-million W Hollywood Hotel & Residences, situated near the intersection of Hollywood Boulevard and Vine, opened in early 2010.
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Email: Daniel.Miller@thr.com
Twitter: @DanielNMiller
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