Controversial Hollywood real estate project relaunched by developer

LOS ANGELES (KABC) -- The developer of a stalled $1 billion real estate project in the heart of Hollywood has launched a new proposal.

Developer MP Los Angeles' proposed Hollywood Center is a mixed-use development that would be built adjacent to Hollywood and Vine near the iconic Capitol Records building on Yucca and Vine.

The proposed space is currently made up of parking lots, but if the billion-dollar development becomes reality, the Hollywood skyline could look much different.

Mario Palumbo, managing partner of MP Los Angeles, said the project they've submitted plans for would include two large towers at 46 and 35 stories tall and two mid-rise buildings, each 11 stories.

It would have 1,005 apartments and condos, including 133 affordable housing units designed for low-income seniors.

Palumbo calls it a solution to the housing crisis.

"We really want to build housing at all income levels to be able to provide for this influx of people who find Hollywood as desirable as we do," Palumbo said.

In 2014, a similar project on the same piece of land, the Millennium Hollywood, faced serious controversy after the California Geological Survey showed an active earthquake fault cutting right through the property.

Legally, the city had to investigate and found no fault.

"So the city did that, looked for it, found no fault here and as a result they made the conclusion the site is safe to build on," said Palumbo. "So the search for the Hollywood fault continues."

Palumbo also touts plans for open space, and thinks they'll convince anyone still shaken by that alarming 2014 study.

"I think when they're sitting here in seven years, and they're having a cup of coffee listening to a concert in our acre of open space, I think they're going to realize we did the right thing by this site," Palumbo said.

The proposal must go through an environmental review process, which generally takes at least a couple of years. If all goes according to plan for Palumbo, construction could start as early as 2021.