The Los Angeles City Planning Commission has approved proposals for a 1.5 million sq ft (139,355sq m) mixed-use scheme at the US city's Hyatt Regency Century Plaza Hotel.

Next Century Associates - owner of the hotel and proposed development - is a partnership between Woodridge Capital Partners and Oaktree Capital Management.

A newly-renovated hotel with 394 bedrooms and suites and 63 residences is included in the plans, as well as a 100,000sq ft (9,290sq m) retail plaza with shops and restaurants.

More than 2 acres (0.8 hectares) of public open space and two residential towers designed by Pei Cobb Freed will also form part of the development when complete.

Next Century managing partner Michael Rosenfeld said: "Our goal was to create a mixed-use project that will serve the entire community, connect the elements of Century City and bring economic growth and jobs to Los Angeles."

Work is expected to begin in 2014.

Click here for more information about the development.