Amoeba Music, which has been at the location on Sunset Boulevard since 2001, would be demolished and a 28-story residential and commercial tower would take its place.
Word that the iconic music store could be replaced came about a year ago, with the store staff responding to concerns on their Twitter account.
You may have read an article today about us... pic.twitter.com/18l9zRPGMn— Amoeba Music (@amoebamusic) September 13, 2016
In the initial study, the building is said to include 232 residential units - 10 of which would be for very low income residents - 32,000 feet of open space and 7,000 square feet of commercial space.
It would also include two underground parking areas. The first five floors would be for commercial use and starting on the sixth floor would be the residential space. The sixth floor would include a swimming pool, barbeque and lounge area, meeting room, fitness areas and pet grooming spots.
The seventh through 27th levels would be apartments, according to the initial study.
Construction for the building would begin in mid-2019, if it is approved by the Los Angeles City Council.
If you want to read the full study, you can access it by clicking here.