LOS ANGELES—The City Council agreed with a 14-0 unanimous vote Tuesday to approve a $2 billion redevelopment at the Hyatt Regency Century Plaza Hotel.

Next Century Associates has been working with the developer, the city, conservation and labor groups and neighbors on the development. The new project will feature two 46-story residential towers, a 100,000-sq.-ft. retail plaza with shops and restaurants and more than 2 acres of public open space with fountains and courtyards. The hotel will be restored with 394 rooms and suites, and 63 luxury residences.

Next Century, a partnership of Woodridge Capital Partners and Oaktree Capital Management LP, expects to start construction in early 2014, said Michael Rosenfeld, managing partner of Next Century. The project will connect more than 10 million square feet of office space, residences, restaurants and retail stores, including the Westfield Century City mall. Under the new plan, the hotel will reach out to Avenue of the Stars with retail, restaurants and public spaces. The project plan also includes a proposed Metro station for the future Westside subway.

"Our goal was to create a pedestrian friendly, transportation oriented, sustainable mixed use project that will serve the entire community, connect the elements of Century City and bring economic growth and jobs to Los Angeles,” Rosenfeld said in a statement. Along with Pei Cobb Freed, Next Century has retained Gensler as executive architect and Marmol Radziner and Associates as its preservation architect. Rios Clementi Hale Studios is the landscape architect.