The Century Plaza, the elegantly curved luxury hotel that has welcomed presidents, princes and pop stars since its 1966 opening, will be spared from the wrecking ball under a historic agreement between the owner and preservationists.

The agreement, shaped over months of negotiations, calls for dramatically revamping the developer’s original plan to raze the hotel and build two 50-story high-rises with condos, a boutique hotel, offices, retail shops and public plazas.

Real estate investor Michael Rosenfeld’s plan to knock down the stylish hotel galvanized the preservation community and spawned an outpouring of community support for the hotel, designed by Minoru Yamasaki as the centerpiece of Century City.

As of now, plans call for “sensitive rehabilitation” of the hotel to preserve 400 hotel rooms while converting those on the top floors to 45 condos. Meeting space would be reduced, and a slightly smaller ballroom would replace the existing one. The developer plans to propose other buildings on the site to the rear and/or sides of the hotel and a low-scale structure with some retail shops or restaurants to enliven the front of the hotel.

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