The proposed Millennium Hollywood project, which would be built on land surrounding the famed Capitol Records Building in Hollywood has taken a step toward reality with the release of a draft environmental impact report.
The project from developers Millennium Partners and Argent Ventures would include one million square feet of residential units, hotel rooms, office space, restaurants, shops and a new sports club in two towers on Vine Street just north of Hollywood Boulevard.
The proposal would transform 4.47 acres of parking lots on both sides of Vine, just south of Yucca Street.
“We have worked hard over the last several years to design a project that is a new Hollywood icon for the 21st century,” Philip Aarons, founding partner of Millennium Partners said in a statement. “And I believe that the DEIR shows how our project is not just fitting for the community but will fit into its vision for its future.”
The draft environmental impact report will be available to the public on Oct. 25 and the Los Angeles City Planning Commission and Los Angeles City Council are expected to begin hearings on the report in early 2013.
Gary Handel Architects and Roschen Van Cleve Architects will collaborate with James Corner Field Operations on the design of the development.
A traffic study included in the draft environmental impact report found five nearby intersections to be significantly impacted by the project; however, developers expect to reduce the impact to two intersections by widening intersections and adding additional turn lanes, among other plans.
Built in 1956, the Capitol Records Building is known for its circular design, which mimics a stack of records. It has been listed as a Los Angeles Historic-Cultural Monument.