Crossroads Hollywood, a $1B proposed high-rise hotel and condo project, could benefit from a new California law aimed to speed up such construction projects.

Harridge Development Group has submitted the proposal to the Governor's Office of Planning and Research.

It would fall under a special Environmental Leadership Development Project designation for projects of at least $100M.

It would be mandatory for the project to meet certain requirements, including carbon emission and renewable energy use targets, and abide by the state's prevailing wage laws.

Meeting these requirements would ensure any lawsuits filed against the project under the California Environmental Quality Act would be resolved in nine months or less, according to Urbanize LA. (To hear more about what's going on in Hollywood, join us at our Hollywood Boom event Tuesday.)

Crossroads Hollywood would have 950 residential units, a 308-room hotel, 95k SF of office space, and 185k of retail and restaurants linked by a paseo.

The project is being designed by Rios Clementi Hale Studios and Skidmore, Owings & Merrill and includes the Crossroads of the World on Sunset Boulevard.

It could be completed in 2022. [ULA]