A New York-based developer has thrown in the towel on a plan valued at over $1 billion to build what would have been the tallest building in Hollywood, Calif.
Millennium Partners formally withdrew entitlement requests for buildings that would have been 46 and 35 stories high with more than 1,000 units and 386,000 square feet of office space at a prominent location next to the Capitol Records Building on Vine Street. Urbanize first reported the plans being withdrawn. Millennium did not immediately respond to a request for comment.
The plan that was called Hollywood Center was set to rise on parking lots along Vine and behind the Pantages Theatre on Hollywood Boulevard.
“Sixteen years ago, we spearheaded the effort to save the world-renowned Capitol Records Building by getting this iconic structure declared a City of Los Angeles historic-cultural monument so that future generations could continue to appreciate its timeless beauty,” Millennium Partners founding partner Philip Aarons said in a statement.
“Over the last several years we have worked to preserve this architectural treasure by completing a full seismic upgrade of the structure so that the building can return to its critical role within the music industry,” Aarons continued. “While we have made the decision for now not to move ahead with our vision to build housing on the surrounding surface parking lots, we remain committed to working to make the Hollywood community a better place to live and work, and to help Hollywood realize its full potential as the entertainment capital of not just Los Angeles, but the world.”
Millennium more than a decade ago secured approval for a similar development with multifamily, retail, office and hotel use, but those plans were struck down in court amid concerns over a potential earthquake fault running beneath the property.
The development firm isn’t getting out of the Hollywood development game altogether. In 2022, Millennium and Shorenstein Properties secured entitlements to build 431,000 square feet of office space on Sunset Boulevard.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer
Read MoreChannel, Design + Construction, Urban Planning, Capitol Records Building, Hollywood Boulevard, Pantages Theatre, Philip Aarons, Vine Street, Los Angeles, Hollywood, Millennium Partners Commercial Observer
