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Hollywood Center is one step closer to becoming a reality. The mixed-use development’s final environmental impact report (FEIR) earlier this month was released by the City of Los Angeles, according to a press release from MP Los Angeles, an affiliate of Developer Millennium Partners. Hollywood Center, a proposed $1 billion project, sits at Hollywood and Vine on land surrounding the Capitol Records building.
“We appreciate the ongoing and thoughtful dialogue around this project and celebrate the milestone that the release of the FEIR represents, as it brings Hollywood Center one step closer to delivering a bright future to the community,” Mario Palumbo, managing partner, MP Los Angeles, said in the release.
In preparation for going vertical, a single-story commercial building on the 4.5-acre property would be demolished but the Capitol Records complex could remain untouched. Four new buildings, ranging from 11 to 46 stories, would be built, offering a variety of housing options across 1,005 residential units (872 market-rate, 133 senior affordable.) There would also be commercial space totaling upwards of 30,000 square feet. A hotel, once pitched as part of the project, is no longer being proposed.
“The release of the FEIR follows a public hearing in which a group of stakeholders —including Los Angeles’ leading nonprofit service providers, members of the business community, and labor representatives—expressed support for the mixed-use project proposed for the surface parking lots surrounding the Capitol Records Building,” according to the release. “Among the project benefits that were extolled by the public commenters were the creation of solid living wage jobs, delivery of much-needed very low- and extremely low-income housing set aside for older adults, and the promotion of green and sustainable development as a LEED Gold project that will be GHG net neutral.”
In July a letter from the California Geological Survey was sent to City planners suggesting that Hollywood Center is proposed to be built on an earthquake fault line, the Los Angeles Times reported when the letter was first obtained.
“It is clear that the data relied upon by the state is significantly inferior in quality to the data acquired from the extensive trenching done on our site,” Philip Aarons, founder of Millennium Partners, told the Times in a statement. “We will continue to work diligently with the city to review any and all data with the goal of assuring the construction of the most seismically safe structure in the history of Los Angeles.”