Hollywood Billion-Dollar Skyscraper Plan Scrapped By Developer

deadline.com:

A controversial plan to erect what would have been the tallest buildings in Hollywood has been scrapped. The proposed Hollywood Center would have been located straddling parking lots between the Capitol Records tower and the Pantages Theater, just north of Hollywood Boulevard.

The plans for the $1 billion construction would have seen a mixed-use development of residential and office towers. A representative of New York-based Millennium Partners submitted a letter to the Los Angeles Department of City Planning in mid-April, formally withdrawing all entitlements requests relating to the development.

The Planning Department has terminated all cases. “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 Hollywood Center project would have seen buildings 46 and 35 stories high and created up to 1,005 residential units.