New York-based developer Millennium Partners has withdrawn their proposal for the $1 billion Handel Architects-designed Hollywood Center in Los Angeles. The two-tower scheme that was planned for parking lots adjacent to Welton Becket’s iconic Capitol Records building would have been the tallest in Hollywood, standing at 46 and 36 stories each and containing a total of 1,005 residences, but will now be scrapped in favor of a potential new hotel development as per Urbanize LA’s reporting this morning.

The decade-old scheme had been progressing despite a negative Environmental Impact Report and the late discovery of concerning fault lines beneath the property. Millennium Partners said: "While we have made the decision for now not to move ahead with our vision to build housing on the surrounding surface parking lots, we remain committed to working to make the Hollywood community a better place to live and work and to help Hollywood realize its full potential as the entertainment capital of not just Los Angeles, but the world."