What was once the site of the Academy of Motion Picture Arts and Science’s Oscar Outdoors will become a 475,000-square foot mixed-use office campus, if the city approves the project proposal.

Kilroy Realty Corp. has proposed a 475,000 square foot project at De Longpre Avenue and Vine Street. It would be comprised of three office buildings and a residential tower. (rendering courtesy of Kilroy Realty Corp.)

In June, Kilroy Realty Corp. announced its plans for the site at De Longpre Avenue and Vine Street, which it purchased from the Academy for $45.7 million in November. The estimated project cost is $300 million.

Kilroy hopes to construct three, four-story office buildings and a 23-story residential tower, with 40 percent of the four-acre site being open space. It will also include 20,000 square feet of retail space.

“We are big believers in Hollywood. …We have a lot of money tied up in the city, and we think it’s ripe for new development,” Kilroy executive vice president David Simon said, adding that the project will offer a great design and a good environment. “We think we’re going to do well there.”

According to a press release, the company hopes to accommodate “an entertainment, media and technology user base” to provide flexibility and create a collaborative community environment.

The release states that the largest of the office buildings has been inspired by mid-century bow trussed buildings that are now in high demand. The structures will be connected by landscaped passageways.

Simon said the entitlement process is underway, and he anticipates that it will take 12 to 16 months. The company hopes to begin construction by 2016. Simon said the floor-to-area ration fits the current zoning, and most of the approvals will relate to a site plan approval and traffic mitigation.

“Everything comes down to traffic,” he said.

The company is no stranger to the area, as it is currently in the process of redeveloping Columbia Square. Simon said the company will study traffic flows and work with the Los Angeles Department of City Planning to mitigate any traffic issues. He said Kilroy plans to hold onto the property for the foreseeable future.

“We’re long-term holders, especially for these development deals,” Simon added.

He said he is unaware of any opposition so far, but the company is preparing to embark on a series of neighborhood meetings. Simon said Kilroy has a good relationship with the city.

“We’re in the beginning stage, but all is well and moving along nicely,” he added.

As for the future of Oscar Outdoors, the Academy’s summer movie series, Simon said he would be open to working with the Academy to continue the program. Academy representatives said Oscar Outdoors is currently on hiatus.

“Nothing has been agreed upon or determined,” Simon said.

Los Angeles City Councilman Mitch O’Farrell, 13th District, said project plans have not yet been filed with the city, but he is pleased that Kilroy is prepared to invest in that area of Hollywood.

“There are so many opportunities along Vine for development and improvement that will provide jobs,” he said, adding that the area could use some commercial activity. “It’s really an area that is so, so underutilized. …We want to see a project go in that adds to the vibrancy of the boulevard and improves the aesthetics of Vine Street.”