Changes In Store for Hollywood Skyline
An array of prominent Los Angeles business leaders announced their support today for the Millennium Hollywood project aimed at creating a new social and transit hub in downtown Hollywood.
Representatives from the Hollywood Chamber of Commerce, the Los Angeles Area Chamber of Commerce, the Los Angeles Business Council, the Greater Los Angeles African-American Chamber of Commerce and the Latino Business Chamber of Greater Los Angeles all expressed their support for the project.
"This dynamic development will set a new standard of excellence for Hollywood in the 21st century and bring a much-needed new vitality and energy to the intersection of Hollywood and Vine," Leron Gubler, president and CEO of the Hollywood Chamber of Commerce, said.
The Millennium Hollywood project will feature the iconic Capitol Records Tower as a centerpiece to 4.47 acres of residential units, a hotel, office space, a sports club, restaurants and retail space.
"Capitol Records is an iconic building in Hollywood, and we are convinced that Millennium Partners-Argent Ventures has the right vision on how to activate the urban center of Hollywood in a way that will complement the beloved landmark," Gubler said.
The project will make use of the space, which now serves as a surface parking lot, and is estimated to generate a total economic output of $925 million in Los Angeles County in addition to creating 5,900 jobs.
Supporters of the Millennium Project are confident that the development will increase the use of public transportation across Los Angeles.
"By sensibly locating density near the Red Line, this project will further encourage transit ridership and help the city recoup its investment in LA's mass transit system," Mary Leslie, president of the Los Angeles Business Council, said.
Hearings to approve the Millennium Hollywood project will begin later this month.