A new billion-dollar development will soon tower over the Sunset Strip in Hollywood.

In a 13-0 vote, the Los Angeles City Council Tuesday approved Harridge Development Group’s $1B mixed-use Crossroads of the World megaproject.

The project, first introduced by Harridge in 2015, is being developed on an 8-acre, 1.4M SF site along Sunset Boulevard.

The development will feature 950 residential units, a 308-unit hotel and nearly 190K SF of commercial use, including retail, restaurants and entertainment space and a 473-spot parking structure, according to city planning documents.

Additionally, 105 units of the 950 residential units will be allocated for very-low-income households. The developer will raze some existing affordable housing units on the property, but an agreement with the city means displaced tenants can live in new apartments in the project at their current rental rates.

The development will have nine buildings, including three towers of up to 31 stories; the other buildings will range from one to six stories high.

After protests from local preservation groups, the iconic Crossroads of the World complex and the former Hollywood Reporter building, which are both designated as Los Angeles Historic-Cultural Monuments, will be preserved and rehabilitated. A nearby 1923 building, the Bullinger building, will receive similar treatment.

The project will also provide a variety of recreational amenities, open space, green space and a pedestrian paseo that connects each building, according to the planning documents.

Skidmore, Owings & Merrill and Rios Clementi Hale Studios are designing the project, according to previous reports.

Several public speakers told the City Council they were supportive of the project.

Hollywood Chamber of Commerce Vice President of Government Relations Nicole Shahenian told the council that this development will re-energize this part of Hollywood and attract tourists.

“This project will radically revitalize the area not only with the additional housing and hotel but through the construction of a bustling entertainment and retail district,” Shahenian said.