HOLLYWOOD-Property owners Millennium Partners and Argent Ventures have unveiled plans for a mixed-use development of up to one million square feet with the iconic Capitol Records Building as its centerpiece. The developers say that, for the purpose of environmental review of the proposed project, the conceptual plan includes a development with up to approximately 492 residential units, 200 luxury hotel rooms, 250,000 square feet of class A office space that includes the Capitol Records Tower and Gogerty Building, 35,000 square feet of restaurant space, 40,000 square feet of sports club use, and 15,000 square feet of retail space in two structures that could be as tall as 585 feet. The specific numbers, heights, and uses may change in the final project, "but they are being put forth in order to assess the worst-case environmental impacts," the developers say in an announcement regarding the proposed project.

The proposed project "will transform approximately 4.47 acres of underutilized land adjacent to the landmark into a transit-oriented and pedestrian-friendly development consisting of approximately one million square feet of new uses that include residential units, a hotel, office space, a sports club, restaurants, and retail space," the announcement says.

Philip Aarons, founding partner of Millennium Partners, noted that when the owners bought the Capitol Records Tower in 2006, they said that their goal was to preserve this world-famous landmark. “We take our responsibility as steward of this civic treasure very seriously, and that’s why we have spent considerable time and energy crafting this plan," Aarons said.

The Millennium Hollywood project will be split between two parcels along Vine Street just south of Yucca Street. Two new buildings designed by Gary Handel Architects of New York will rise on the site to frame views of the Capitol Records Tower and Gogerty Building, which will be preserved under the oversight of architect Bill Roschen of Roschen Van Cleve Architects. Roschen and Handel are collaborating on the design of open space, street-level plazas and enhanced pedestrian circulation throughout the site and to the east that will link the landmarks with the new structures.

In addition to the development approvals requested from the city, Millennium/Argent is seeking approval of a 25-year development agreement that would vest the right to build the project. The development agreement, which is being proposed as a hedge against the fluctuating economic marketplace, proposes a detailed yet flexible set of design guidelines, design standards, and height limitations for the Millennium Hollywood project.

“The severe economic crisis that we have lived through over the past two years has made financing a challenge for all projects, no matter how well designed,” said Michael Gargano of Argent Ventures. “What we are asking the city to do is work with us on setting the parameters for a project that works best for everyone involved. At the end of the day, we think the city and the neighborhood will realize a range of community benefits from this development.”