The long-anticipated and controversial redevelopment of Century City’s iconic Hyatt Regency Century Plaza hotel has taken a big step forward.

After three years of heated back-and-forth between the developer, community groups and preservationists, a sweeping new plan that strikes a compromise was quietly approved by the Los Angeles City Planning Commission recently. Barring unforeseen opposition, it is expected to pass the City Council this fall.

Developer Michael Rosenfeld plans to keep the crescent-shaped hotel but extensively renovate it. He will add two condo towers behind the hotel.

The approved plan is a dramatic reimagining of an earlier proposal, which would have razed the hotel and built two large towers that included 100,000 square feet of office space. The office space is now gone.

“I think the project is better than what we initially conceptualized, which just proves that the collaboration of the various groups can result in a win-win situation,” Rosenfeld said. “It’s truly honoring the past, embracing the future and meeting the goals of the community.”

Read the full story in the September 3 issue of the Business Journal.