Hollywood Center Would Transform Hollywood and Vine
Huge Mixed-Use Project is Being Proposed
Rendering courtesy of Handel Architects.
The well-known corner of Hollywood and Vine in Los Angeles may soon be known not just for the landmark Capitol Records building, but also for a massive, $1 billion mixed-use project proposed by developer MP Los Angeles that would change the skyline of Tinseltown.
Known as Hollywood Center, it would feature 1,005 residential units – with 133 set aside for low-income and extremely low-income senior housing – in two 11-story buildings and a 35-story tower, along with a 46-story building.
The project would include more than 30,000 square feet of retail space that would include eateries, and there would also be a pedestrian-friendly green space as part of the 4.5-acre development.
Hollywood Center, being designed by Handel Architects, would complement the Capitol Records building, according to Mario Palumbo, managing partner of MP Los Angeles.
“The original architect of the Capitol Records building, Louis Naidorf, has said publicly he never intended the Capitol Records building to sit for 50 years surrounded by parking lots,” Palumbo said. “He always intended it would be surrounded by other buildings, even taller buildings, and he believes the building itself is a strong enough architectural statement to be able to stand next to much taller buildings and still hold its own.”
Part of the developer’s attraction to Hollywood is the fact it is a “multi-dimensional neighborhood,” according to Palumbo.
“It’s incredibly walkable,” he said. “It’s dense. It’s a vibrant mixed-use environment. There’s residential. There’s hotel. There’s office. It’s located adjacent to transit. The red line stop is less than half a block away from the site. Obviously, it’s got all the history and the appeal to tourists.”
The project also would benefit the area by having the “largest complement of affordable housing within a market-rate development in L.A. history,” Palumbo explained. “L.A. is facing a severe housing crisis, so the addition of 1,005 residential units geared toward a variety of income levels will certainly help alleviate some of the housing pressure.”
It would also help abate the growing traffic problem, since the project will be located near transit.
“Placing density, especially residential density, near transit and also near employment opportunities such as those that exist and are growing in Hollywood is key to helping to solve the twin crises that LA faces,” Palumbo said, referring to housing and traffic.
Hollywood Center would also be environmentally friendly, slated to achieve LEED Gold certification on the development, which would seek to generate no additional greenhouse gases, according to Palumbo.
A complex called Millennium Hollywood was previously proposed at the same location four years ago, but that project ran into roadblocks when it was halted by a judge who ruled it didn’t fully weigh the environmental impact review process and the development’s possible impact on the surrounding community.
While Mark Ventre, senior vice president at Stepp Commercial, acknowledges there are questions regarding the project’s impact on traffic and how local neighbors might feel about it, he loves the location.
“The recently-opened Argyle House and the Kimpton Everly Hotel that are just around the corner seem to be doing well so far and give credence to the high-end appeal,” Ventre said. “I still think it is, frankly, an aggressive project given the height of the towers and its sheer size, but it would lend to the uber chic feel that this area is becoming and would be a great addition.”
While plans for the project have been filed, an environmental review process must now take place. Construction could possibly begin in 2021, according to Palumbo, adding that each tower would take three years to build.