At long last, Hollywood Boulevard's most conspicous parking lot bites the dust.

Last week, DLJ Real Estate Capital Partners quietly commenced with site preparation with the second phase of Eastown LA, a large residential-retail complex near the Pantages Theater.

The project, which is rising from a 3.18-acre site at 6200 Hollywood Boulevard, will consist of a series of seven-story buildings featuring 507 apartments and approximately 60,000 square feet of ground-level retail and restaurant space.

Last year, the Los Angeles Times reported that the approximately $200-million development was scheduled for completion in 2017.  However, it is unclear whether or not that timeline reclects current plans.

Other details, including renderings of the project, have not been released.

The first phase of Eastown, completed on the opposite side of Hollywood Boulevard in 2014, includes four low-rise buildings containing 535 apartments and over 70,000 square feet of ground-floor shops and restaurants.