Capitol building spinning into condos?Hollywood boosters have worried for months that developers hungry for old office buildings to convert into expensive condos would chase out vital businesses. Those fears became reality last week when Capitol Records Capitol Records is a major United States-based record label, owned by EMI, located in Hollywood, California. Its headquarters building, the Capitol Tower, is a major landmark near the corner of Hollywood and Vine. Inc.'s parent company, EMI (ElectroMagnetic Interference) An electrical disturbance in a system due to natural phenomena, low-frequency waves from electromechanical devices or high-frequency waves (RFI) from chips and other electronic devices. Allowable limits are governed by the FCC. Group PLC, informed city officials it may sell the iconic Hollywood building. "Capitol has told city officials that they have received various offers," said Helmi Hisserich, head of the Hollywood office of the Community Redevelopment Agency of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . "We are working diligently on keeping Capitol Records in Hollywood, where we think they want to be located." City officials have been lobbying EMI executives to keep its operations in the building. Mayor Antonio Villaraigosa Antonio Ramon Villaraigosa (born Antonio (Tony) Ramon Villar, Jr. on January 23, 1953) is the mayor of Los Angeles, California. He is the first Latino mayor of Los Angeles since Cristobal Aguilar in 1872. and Los Angeles City Council  The Los Angeles City Council is the governing body of the City of Los Angeles, California, United States. President Eric Garcetti have contacted executives at Capitol Records and EMI Group in hopes of keeping the recording company--and its roughly 160 employees--in Hollywood. Villaraigosa has called EMI executives several times, offering to come up with public assistance to help the recording company remain in its landmark Welton Beckett-designed tower north of Hollywood Boulevard and Vine Street. EMI spokeswoman Jeanne Meyer confirmed the company had received offers but she insisted the building wasn't being actively shopped on the open market. Residential developers, eager to take advantage of Hollywood's sizzling siz·zle intr.v. siz·zled, siz·zling, siz·zles 1. To make the hissing sound characteristic of frying fat. 2. To seethe with anger or indignation. 3. housing market, have been making unsolicited offers in the community. "We have received some proposals and it's our responsibility to review any serious offer," she said. "It's no secret that every property owner in that area has been getting offers." Meyer said EMI could sell the Capitol Records building if the company could lease back the property for 10 to 15 years. Under that scenario. Capitol Records would continue to operate at the site. City officials are hopeful if EMI sells the property, it will be to a developer who will finish the Capitol Records' expansion, which includes a parking garage and other projects. "Having Capitol Records stay and expand in Hollywood has always been a priority for the city and the redevelopment agency," Hisserich said. ANDY ANDY Andrew ANDY US Popular Abbreviation for Andrews AFB FIXMER Staff Reporter |
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