The Palladium Residences, a two-tower project planned adjacent to the theater of the same name in Hollywood is often mentioned as a poster child for overdevelopment by the folks who are mobilizing to stymie building of all kinds across Los Angeles via the Neighborhood Integrity Initiative ballot measure. But while the NII has been pushed back from the November ballot to the March ballot (when fewer voters typical show up at polls), the Palladium project is moving right along, receiving early approval from an LA City Council committee, says the Beverly Press. The project is heading to the full City Council next—possibly as soon as next week.
While giving the go-ahead to the Palladium project, the City Council’s Planning and Land Use Management Committee denied appeals from the AIDS Healthcare Foundation (a “key member of the coalition” behind the NII) and ignored the foundation’s request to hold off on giving approval or denial to the Palladium complex.
The AHF is headquartered next to the future Palladium towers site, and has cited as concerns their fear that the Palladium will be demolished for the project (though developers have said it won’t be) and their belief that the project will have “significant negative impacts ” on their foundation.
The project, from developers Crescent Heights, would result in the creation of two 30-story mixed-use towers with 731 market-rate apartments inside. Five percent of the units would be set aside for people who make between 50 and 120 percent of the area’s median income; those units are expected to rent at $400 to $1,000 a month.
The Palladium venue from which the project takes its name would stay open during construction, developers say, and would be renovated as part of the project; it’s already in the process of becoming a city Historic-Cultural Monument.
A Crescent Heights rep says developers are hoping to start on construction early next year.
- Palladium project clears hurdle [Beverly Press]
- 28-Story Hollywood Palladium Tower Project Hit With Anti-Density Challenges [Curbed LA]
- Here’s Why That Big Anti-Development Ballot Measure Could Be So Dangerous For Los Angeles [Curbed LA]
- Big LA Anti-Development Measure Seeks Lower Voter Turnout [Curbed LA]