What’s better than a hotel leaving a mint on your pillow? How about spending a mint on the hotel’s redevelopment, like Next Century Associates’ $2B mixed-use makeover of the Hyatt Regency Century Plaza. The LA City Council just approved the project 14-0.

Yesterday, Next Century managing partner Michael Rosenfeld told us the developer worked with the City, preservation groups like the LA Conservancy and National Trust for Historic Preservation, two trade unions, and Century City stakeholders such as Westfield, JMB, and Trammell Crow. The result: a 1.5M SF pedestrian-oriented, walkable project that “connects the various elements of Century City” and will include a portal for the proposed Metro Purple Line extension. Michael, who served as the first chairman for the Century City transportation management org, says the project also will include a location for at least 50 bicycles and bicycle valet, one of the newer ideas to take cars off the road. The project is expected to generate more than 3,500 construction and permanent jobs. Construction begins next year.

Plans call for two 46-story residential towers designed by Pei Cobb Freed, a 100k SF retail plaza with shops and restaurants, and two-plus acres of public open space. Gensler is the executive architect. As for the hotel, it’ll be restored and contain 394 rooms and 63 luxury residences. The original plan contemplated razing the hotel, but due to (ahem) community input and concerns, “we reconsidered that position.” The hotel will retain its distinctive arc-shaped façade and be incorporated as an integral part of the development. The hotel still will boast the largest ballroom on the Westside—26k-plus SF. (Is this the year we finally wrestle the US Dance Championship away from Lake Buena Vista, Fla.?)

The project will create points of connection for all the uses in Century City. Michael says the developers worked with Westfield to “create a lively street presence” and maximize pedestrian traffic. The current deck will be a retail plaza with a pathway down to Constellation Boulevard at the corner across from the Westfield mall. When the property was purchased from Sunstone in May 2008, Michael hadn’t formed a plan, but “we believed that the Century Plaza was a treasure in the city.” Michael also is founder and CEO of Woodridge Capital Partners, which is partnered in Next Century with funds managed by Oaktree Capital Management.

Allen Matkins partner Tony Natsis, whom we snapped yesterday at JLL’s 2013 forecast (stay tuned for coverage), capped off 2012 with three huge deals in San Francisco and Silicon Valley, including his client Kilroy buying a development site in Sunnyvale to house the future HQ of LinkedIn. Activity in LA pales in comparison to those markets, he notes. But Tony points to three significant holdings that will “ignite some differences in LA County” if they come to market or change hands in 2013, including the MPG Office Trust portfolio. Tony and wife Demetra are about six months away from finishing the renovations on their new home in Bel Air. “We’re doing all the things you shouldn’t do,” including living in the house during construction. The couple has been featured on HGTV’s Selling LA. Tony says he played the role of "hardass negotiator." Will he be a hardass moderator at our LA State of the Market, Jan. 24 in Beverly Hills? To find out, sign up here.

KICK-OFF FOR ROSE BOWL SEATING

More than 200 CRE pros, including Cushman & Wakefield’s Jim McFadden and Prologis’ Rob Antrobius, recently got a sneak preview at the swanky new Premium Seating complex at Pasadena's Rose Bowl. The BCS National Championship Viewing party, presented by AIR Commercial Real Estate Association, featured a match-up between Alabama and Notre Dame. No elaborate hoaxes were needed to get AIR inside. Past president Joe Vargas and Robert Ortiz, both with Cushman & Wakefield, helped make the event possible.

Correction: Cushman & Wakefield’s West Region research director Petra Durnin said the Wilshire Grand Hotel project would be coming online in 2015, not Dec. 15, as we mistakenly reported on Tuesday.

Email your news to julie@bisnow.com.