Mayor Antonio Villaraigosa, Councilmember Tom LaBonge and local public
officials along with the J.H. Snyder Company and Laemmle Theatres, broke
ground today on the third and final phase of the NoHo Commons project.
The $79.4 million third phase, located on nearly three acres at the
corner of Lankershim and Weddington, will include a new Laemmle theater,
a Class A office complex and a family diner.
This latest component of North Hollywood’s
revitalization is part of a joint deal between the J.H. Snyder Company
and the Community Redevelopment Agency of the City of Los Angeles
(CRA/LA) to redevelop and construct a transit oriented development (TOD)
near the North Hollywood station.
“The NoHo Commons will bring jobs and economic
vitality to the heart of the San Fernando Valley,”
Mayor Villaraigosa said. “This project
represents the best in smart, transit-oriented growth –
and it will play a leading role in North Hollywood’s
resurgence and the Valley’s revitalization.”
“What a great day for NoHo,”
Councilmember LaBonge said. “This project
creates a crossroads for culture and commerce at the transit crossroads
of this very important part of the San Fernando Valley,”
added LaBonge.
This phase of the project will include a seven-screen movie theater,
top-class office space and restoration of a historic, San Fernando
Valley diner under approvals granted Thursday, March 20 by the Board of
Commissioners of the CRA/LA. It is advantageously located one block from
one of the largest transportation hubs in the San Fernando Valley
comprising the North Hollywood Metro station and Orange Line, and is
adjacent to the Academy of Television Arts, home of the Emmys.
“We are pleased to be able to partner with
the Community Redevelopment Agency on the third phase of this important
project,” said Jerry Snyder, Senior Partner,
J.H. Snyder Company. “Not only will the
project bring jobs to the community, but it will also help meet the
growing demand for housing, retail and office space in the area. NoHo is
one of the most exciting redevelopment areas in the city, and we know
that the NoHo Commons will be a part of that exciting growth.”
Community benefits include a One Stop Employment Center to be run by LA
Valley College Jobs Coalition in 500 square feet of the office space.
J.H. Snyder Company will also provide $1.5 million to Los Angeles Valley
Community College Family Resource Center to train child care
professionals and $3.25 million to Valley Community Clinic to refinance
their facility and expand their clinical space for pediatric and other
programs.
“Building a healthy community is more than
just developing office space and housing. It’s
about creating economic opportunity and improving the quality of life
for the people who live in the surrounding areas,”
said Cecilia V. Estolano, CRA/LA’s Chief
Executive Officer. “This project is an
outstanding example of the type of well-balanced community benefits we
can achieve when a developer, community groups and CRA/LA work together,”
Estolano added.
Pending City Council approval, CRA/LA-owned property at 5250-5280 North
Lankershim Blvd and 11140 Weddington St. will be conveyed to SL NoHo,
LLC, operated by JH Snyder. The firm will begin work on the third phase
of NoHo Commons immediately. This is part of the three-phase $375
million project started in 2001 within the North Hollywood Redevelopment
Project in the CRA/LA’s East Valley Region.
“NoHo Commons has helped create several
hundred new jobs, removed overcrowded and substandard housing, spurred
new development, added public art and $6 million in infrastructure
improvements and brought in a HOWS supermarket, plus a variety of
restaurants and cafes,” said CRA/LA Chairman
William H. Jackson. “By adding a major movie
house and restoring a unique, historic diner, the third-phase makes the
area even more of an appealing destination and meets North Hollywood
Redevelopment Plan goals.”
Phase III, NoHo Common’s final portion, will
include an 182,000-square-foot office building with 10,000 square feet
of retail and restaurant space; a 30,000-square-foot, seven-screen
Laemmle Theater; and a 700-space parking garage.
“We are very excited about this opportunity
to serve as one of the key arts anchors for the dynamic NoHo Arts
District,” say Jay Reisbaum, Senior Vice
President of Laemmle Theatres. “We are
planning a significant upgrade to the art film experience with amenities
like stadium seating, high back love seats, all digital sound, wall to
wall screens and high end architecture.”
The 1920s era Phil’s Diner designed in a
railroad car style by Charles Amend and with a distinctive neon sign
overhead, previously served generations in the San Fernando Valley from
a spot on Chandler Boulevard. The diner will be relocated within the
project and the diner’s missing, original
sign recreated.
As part of the financing agreement, the CRA/LA will provide the site to
J.H. Snyder Company for one dollar, and then refund J.H. Snyder Company
$3 million in land acquisition payments. The CRA/LA will also pay the
company $4.2 million for providing public and theater parking for 45
years.
The NoHo Commons project was approved in 2001. Phase I, completed in
December 2006, contains a 438-unit mixed-income residential rental
project. Phase II, completed June 2007, contains 292 units of loft and
live/work rentals and 60,000 square feet of retail/commercial space
including the HOWS supermarket, a bank, mobile phone store and several
restaurants.
About the North Hollywood Redevelopment District:
The 743-acre, North Hollywood Redevelopment District, is in the heart of
the East San Fernando Valley and within the CRA/LA’s
East Valley Region. Since 1979, the CRA/LA has overseen the addition of
new office towers, entertainment facilities, shopping centers and
rehabilitated housing. Currently, the focus is on the NoHo Arts
District, home to over 30 live theaters.
About CRA/LA:
CRA/LA (www.crala.org) is a public
agency regulated by the State of California and operating within the
City of Los Angeles. It attracts private investment into economically
depressed communities to eliminate blight, revitalize older
neighborhoods, build housing for all income levels and create and retain
employment opportunities. CRA/LA manages 32 redevelopment projects areas
and three revitalization areas in seven regions: East Valley, West
Valley, Hollywood & Central, Downtown, Eastside, South Los Angeles, and
the Harbor.
|