The Hollywood economy seems to be on the upswing as the owners of Capitol Records Tower, Millennium Partners and Argent Ventures, announced Friday their proposal to build a mix-use complex covering one million square feet of structures and potentially valued at $1 billion. The complex would include, among smaller buildings and pedestrian areas, two skyscrapers surrounding the Capitol Records’ famed cylindrical building on Vine Street.

The Millennium Hollywood project’s initial designs, which will likely change during the approval process, comprise a hotel with up to 250 rooms and 300 to 600 residences, 150,000 square feet of offices, and 100,000 square feet of retail space. “We want significant public places,” said architect Gary Handel. The complex would feature restaurants, bars, shopping, and a sports club.

Capital Records, built in 1956, is home to the renowned Capital Studios, where iconic artists from Frank Sinatra to the Beach Boys recorded albums. “Hollywood is right on the edge of being restored to the glamour, identity and charm it had in the 1930s and ’40s,” said Millennium partner Philip Aarons, “It needs the power of a project that can make people think about it differently.”

[Source: LA Times]

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