A more than $1-billion plan to erect new high-rise residential and office towers on parking lots flanking the Capitol Records Building and Pantages Theatre will not move forward.

On April 19, a representative of Millennium Partners submitted a letter to the Department of City Planning formally withdrawing all entitlements requests relating to the Hollywood Center development, which was slated for a series of parking lots on both sides of Vine Street to the north of Hollywood Boulevard. The Planning Department has terminated all cases.

Rendering of the Hollywood Center developmentShimahara

"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," said Millennium Partners founding partner Philip Aarons 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. 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."

The project, which called for buildings 46 and 35 stories which would have been the tallest in Hollywood, would have included up to 1,005 residential units and commercial uses. Millennium Partners had also explored the possibility of adding a hotel or offices to the complex.

Geological testing of the project site in 2021Gary Leonard

More than a decade ago Millennium Partners previously obtained entitlements for a similar development on the property, Millennium Hollywood, which also called for a blend of apartments, retail space, offices, and a hotel in multiple high-rise structures.  However, those plans were halted in court due to a "fatally flawed" environmental impact report.

Weighing against both iterations of the project was questions of whether or not an earthquake fault runs below the property. Consultants hired by Millennium Partners had found that a fault line did not below the site, while the California Geological Survey has asserted otherwise.

Site PlanMP Los Angeles

While Millennium Partners may have stepped away from the star-crossed site near Hollywood and Vine once again, the New York-based developer has not left the neighborhood. Millennium obtained approvals in late 2022 to build a 15-story office tower at 6450 Sunset Boulevard.

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