The 1.1 Million square foot Millennium Hollywood Project proposed to be developed on 4.4 acres surrounding the Capital Records building will have the following impacts on the surrounding communities:
- Create a development larger than the 950,000 sf Staples Center or the 850,000 sf LA Convention Center within 500 feet of Hollywood residential communities;
- Erect 2-Towers in excess of 50-stories (585 feet or taller) on top of 13-15 story base buildings creating 2-structures as tall or taller than the 54-story JWMarriot/Ritz-Carlton in Downtown LA, over 4x’s taller than the adjacent historic Capitol Records Building and 25-stories taller than any existing building or planned development in Hollywood;
- Produce 492 Condominium/Apartments, a 168,000 sf, 200-room Hotel/Conference facility, 240,000 sf of Office space, and 75,000 sf of retail space;
- Will generate 19,000 additional trips to and from the development on a daily basis;
- The subterranean and above ground parking structure will hold only 1,918 cars which, according to current parking codes this underparks the Project by 500 space without any provision for tourist, residential guest or employee parking;
- Traffic congestion at the intersections of Cahuenga/Franklin and Argyle/Franklin cannot be mitigated effectively to handle proposed Project traffic.
We believe the Development’s impacts on the Community can be mitigated by reducing the size, height bulk and scale of the Project. Therefore we propose the following reductions to the size of the Project to reduce the development’s impact on our Community:
1) Limit height of the Project to 22-stories.
2) Limit Floor Area Ratio (FAR) to a maximum of 4.5:1 or approximately 750,000 sf.
3) Expand the parking allocation on-site in accordance with standard parking codes for similar uses in other areas of the City of Los Angeles, provide for ample visitor parking for the residential units, tourist visits and replace the 500-public parking spaces presently on-site that will be lost when the Project is developed.
4) Require the Developer to provide dedicated offsite parking for the 1,250 employees anticipated to work at the development.
5) Require the Developer to contract for a new Traffic Study to properly address traffic mitigation and account for impacted intersections not previously included AND the impact the Development’s additional traffic trips will have on 101 Freeway and on/off ramps.