"We are gratified and humbled by the Council's vote today, and particularly want to thank Mayor Eric Garcetti and Councilman Mitch O'Farrell for their leadership in making this happen," says Philip Aarons, founding partner of Millennium Partners. "Over the last six years, we have worked hard to craft our transit-oriented, mixed-use development with the guiding principles being to honor and preserve the Capitol Records Tower and create an enhanced destination around it, and it is very exciting that we took this momentous step toward making this long-held dream a reality."

The two buildings for the project will be designed by Gary Handel Architects and Roschen Van Cleve Architects and will frame views of Capitol Records and the Gogerty Building. The project will also feature what's described as "dynamic open space" on the street level designed by James Corner Field Operations, the landscape architects for New York's High Line. The open space is described as a series of courtyards with different characteristics and features that will cover approximately 22% of the project site.

The Millennium Hollywood project will have 492 residential units, a 200-room hotel, approximately 100,000 square feet of office space, a 35,000-square-foot sports club/fitness center, approximately 15,000 square feet of retail uses, and approximately 34,000 square feet of restaurant uses. All will be contained on a 4.47 acre site, bordered by North Vine St., North Ivar Ave., Argyle Ave. and West Yucca St.

"The input we received from our neighbors, community stakeholders and city decision-makers played a vital role in shaping our plans," says Mario Palumbo, a partner with Millennium Partners. "Their opinions have helped make this a better project, and for that we are most appreciative."

As previously reported by GlobeSt.com, the City Council's Planning and Land Use Management Committee last month approved a modified design for the apartment, retail, hotel and office project that will see its East tower cut from a planned 55 stories to 39, while the West tower will be lowered from a planned 45 stories to 35.

The City Council vote today was not entirely unexpected. The project has been supported by new Mayor Garcetti, a former City Councilman for the Hollywood area of the project, and his City Council replacement, O'Farrell. Garcetti did qualify his support, noting that he would continue to monitor state and local concerns regarding the project, leaving some wiggle room in his position.

Robert Silverstein, an attorney representing various community groups opposed to the project and the leader of a press conference earlier this week on the earthquake fault line issue, did not immediately respond to a request for comment.