Final Environmental Impact Report
Project Description: The proposed project includes the construction of approximately 1,052,667 net square feet of new developed floor area. The historic Capitol Records Building and the Gogerty Building are within the Project Site. These historic structures would be preserved and maintained and are operating as office and music recording facilities under long term lease. Including the existing approximately 114,303 square-foot Capitol Records Complex, the Project would include a maximum of approximately 1,166,970 net square feet of floor area resulting in a 6:1 Floor Area Ratio averaged across the Project Site. The Project would also demolish and/or remove the existing approximately 1,800 square foot rental car facility..
The Project would develop a mix of land uses, including some combination of residential dwelling units, luxury hotel rooms, office and associated uses, restaurant space, health and fitness club uses, and retail uses. To facilitate long-term buildout of the Project, the Applicant is seeking approval of a Development Agreement. The Development Agreement would allow for development of the Project through 2035 and embody the Project’s pre-defined limits regarding developable floor area, permitted land uses, design guidelines, and site-specific development standards, which would collectively control the scale and massing of the Project. The Project would also implement an Equivalency Program to provide development flexibility for the future demands of the market and economy. The Equivalency Program would define a framework within which permitted land uses and square footages could be exchanged for certain other permitted uses so long as the limitations of the program are satisfied and no additional environmental impacts occur above those studied in the EIR.
