It looks like the Hollywood Theater will be getting a new neighbor soon—one that has historical preservationists worried.

Myhre Architects are planning a to turn that vacant lot on the west side of the Hollywood Theater into a five-story, mixed-use building with 51 market-rate apartments and ground floor retail. The lot is right between three grocery stores, a public library, and numerous dive bars (Pal's Shanty!), so a housing development there is likely gold. Two cool things about the project: There will be no on-site parking, with residents encouraged to use the MAX that's just a few blocks away, and the plans slate a chunk of the site for a public plaza. Transit and pedestrian-friendly dense housing going up in an abandoned eastside lot? For new market-rate development, it doesn't really get better than that.

But some neighborhood residents and historic preservationists are worried about the new apartments' impact on the 88-year-old historic theater.

It's clear that the building will "significantly alter the Theatre's visibility" writes Historic Preservation League of Oregon Field Programs Manager Brandon Spencer-Hartle, who sat in on a meeting of architects and neighbors last month and is concerned the five-story building will affect the view of the iconic theater and its marquee.

Opinions, anyone? Here's a schematic:

The official city hearing on the land use application is May 10 from 8:30 am — 10:00 am at the 1900 Building (1900 SW 4th Avenue, 4th Floor).