Holy shit, there have been rumors about some kind of development at the site of the Hollywood Palladium for ages now, but here they finally are, for real: newish owner Crescent Heights has announced (so far sketchy) plans for what two big-ass towers on the parking lots behind the site. As part of the plan, they'll seek landmarking for the 1940 theater (which was built by LA Times publisher Norman Chandler). According to a press release, the developers have submitted plans to "transform the Palladium's existing parking lots into a transit-oriented mixed-use development by adding residential units, street level shops and restaurants, and a potential hotel." Judging by this rendering, the new buildings will be taller than the neighboring House of Blues building, which is 22 stories.

We're trying to get more info on just how tall they'll be, and all the details on what will go inside--so far, the only hard number is that there'll be 963 bike parking stalls. The development fits right in with all the latest action in Hollywood--they're tall towers, just like those slated for the area around Capitol Records and the one currently under-construction just down the street at the Old Spaghetti Factory site. The release adds that these plans "will seamlessly integrate that Palladium into a broader pedestrian-friendly canvas" and that they're "Designed to frame the Palladium's iconic marquee ... and are located to preserve views of the Hollywood Hills." Stanley Saitowitz of Natoma Architects is leading the design, which is meant "to echo and complement the Streamline Moderne style of the Palladium."

· Hollywood Palladium Sells Amid Luxury Tower Rumors [Curbed LA]