West L.A. real estate company Kilroy Realty Corp. announced today it had purchased a four-acre development site in Hollywood from the Academy of Motion Pictures Arts and Sciences for $46 million. The off-market deal closed in November.

The parcel, which encompasses a full city block south of Sunset Boulevard on Vine Street where the Academy once planned to build a museum, is one of only a few remaining mixed-use development sites in the area.

David Simon, executive vice president at Kilroy, said the company plans to spend up to $285 million to build a 475,000-square-foot mixed-use campus that could include office space, apartments and retail space.

“Hollywood will always be the entertainment capital of the world, yet for it to continue to attract and retain production, digital media and technology companies, we need to create environments that the modern work force wants and needs,” he said in a statement.

Plans for the project come as a handful of other large-scale mixed-use projects take shape in Hollywood, including Kilroy’s own Columbia Square project at 6121 Sunset Blvd. That development, a 20-story residential tower that will also be part extended-stay hotel, is expected to break ground in the next two weeks.

“Collectively, the vote has been taken,” Simon told the Business Journal. “There’s an enormous amount of institutional capital coming into the Hollywood market, and all this focus just shows you that the underlying ingredients are there for a dynamic environment to continue.”

Kilroy has hired design firm Shimoda Design Group, but will still need to seek entitlements for the property. In the interim, Simon said Kilroy doesn’t expect to have any problems generating income from the property.

“There are a few industrial-type buildings that we’ll lease in the interim on a short term basis, and we’ll also open it up for film shoots and event space,” he said. “The Academy continues to use the site to show Oscar movies at night.”

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