LOS ANGELES, CALIF.–The Los Angeles City Council today gave the green light for a $2 billion Century City redevelopment project with the Century Plaza hotel as the cornerstone.

On separate votes, the council unanimously approved a 15-year development agreement and an environmental impact report for the 1.5 million- square-foot mixed-use project.

The plan includes restoration of the famed hotel at the intersection of Avenue of the Stars and Constellation Boulevard, including 394 modernized rooms and 63 high-end apartments. The project also includes two 46-story residential towers, a 100,000-square-foot plaza with shops and restaurants and two acres of open space with fountains and walkways.

The project will connect the residential towers and hotel to the Westfield Century City mall and includes a proposed Metro subway station for the planned Westside Subway Extension from Union Station downtown to Westwood.

“Our goal was to create a pedestrian-friendly, transportation-oriented, sustainable mixed-use project that will serve the entire community, connect the elements of Century City and bring economic growth and jobs to Los Angeles,” said Michael Rosenfeld, CEO and founder of Woodridge Capital Partners, which purchased the hotel and property in 2008 with Oaktree Capital Management as the group Next Century Associates.

Architecture firms Pei Cobb Freed, Gensler and Marmol Radziner and Associates are working on the project. Rios Clementi Hale Studios is the landscape architect.

Project backers say it will create a total 3,500 construction and permanent jobs, with construction slated to begin in 2014.