Entertainment
Millennium Partners abandons $1 billion Hollywood tower project
Millennium Partners has pulled the plug on a billion-dollar project to build skyscrapers around the Capitol Records Building in Hollywood, a decade after active seismic faults were discovered beneath the site.
The New York-based investor withdrew its approval requests for the four-building Hollywood Center project on parking lots next to Capitol Records and the Pantages Theater along Vineland Avenue, north of Hollywood Boulevard. Urbanizing Los Angeles reported.
The Los Angeles Planning Department terminated each entitlement application, effectively ending the development.
Plans for the 4.5-acre Hollywood Center, proposed in 2012, called for two office and residential towers of 35 and 45 stories, which would have become the tallest in Tinseltown. They would be flanked by two 11-story buildings, with underground parking.
The project was to contain 1,005 units, with 133 designated as affordable housing for very low-income and very low-income seniors in the two smallest buildings.
Millennium purchased the parking lots in 2006 from Capitol Records for an undisclosed price.
But the 1.3 million-square-foot development, formerly known as the Millennium Project, has run into some serious problems.
The first results from active seismic faults discovered under the development site by California Geological Survey, which raised questions about the security of the project. Consultants hired by the developer said the faults did not extend below the site.
The second came after a judge stopped the project because an environmental impact report failed to take into account state seismic research that strongly suggested an active strand of the fault ran through the site of the project.
Philip Aarons, founding partner of Millennium Partners, did not reveal the firm's plans for the future of failed project sites.
Sixteen years ago, we spearheaded efforts to save the world-famous Capitol Records Building by having this iconic structure declared a historic and cultural landmark in the City of Los Angeles so that future generations could continue to appreciate its timeless beauty, Aarons said in a statement.
Over the past several years, we have worked to preserve this architectural treasure by performing a comprehensive seismic upgrade of the structure so that the building can return to its essential role within the music industry, he said. Although we have made the decision at this time not to move forward with our vision of building housing on the surrounding surface parking lots, we remain committed to working to make the Hollywood community a better place to live and to work.
The developer had also been criticized for his 58-story project. leaning and flowing tower in San Francisco. Last summer, the high-rise condominium was 1 inch straighter after a $100 million repair.
While Millennium Partners may have moved away from the doomed site near Hollywood and Vine, it hasn't left the neighborhood, according to Urbanize. At the end of 2022, the developer obtained construction authorization a 15-story office tower at 6450 Sunset Boulevard.
Dana Barthélemy
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