Hollywood Development on the Rise

New York developers Millennium Partners and Argent Ventures are seeking approval to build 1 million square feet including two skyscrapers surrounding the Capitol Records building on Vine.  The proposal seeking approval for two mixed use skyscrapers will be primarily residential, but include a hotel, offices, restaurants, and stores at an estimated vaule of as much as $1 billion.  Both buldings would be built on the Capital Records parking lot, and another parking lot across Vine Street.

After purchasing the 13-story Capital Records Tower in 2006, these developers postponed building plans when the economy took a downturn.  However, recently, the approval process was reinitiated and is expected to last 18 months or more.

“Hollywood is right on the edge of being restored to the glamour, identity and charm it had in the 1930s and ’40s,” said Phillip Aarons, founding partner of Milleninium.  “It needs the power of a project that can make people think abut it differently.”

The Millennium Hollywood project would take about three years to complete, and would preserve building and views of the Capitol Records Tower.  This historic tower built in 1956 houses the famous Capitol Studios where Nat King Cole, and Frank Sinatra recorded, and currently rents offices to EMI Group.

Preliminary designs call for a hotel with up to 250 rooms, and up to 600 residences with a mixture of condos and apartments in addition to offices, restaurants, sports club and retail.

For those in the market for urban glamour, sounds like Hollywood will be the place to be.

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