NoHo Commons is considered the cornerstone of efforts by the city to redevelopment the blighted North Hollywood neighborhood near the Red Line station. Its original developer, J. Allen Radford, three years ago proposed a $1-billion, 4-million-sf mixed-use project that would include office and retail space, sound stages and a hotel.
Radford cut the size of the proposed project in half last year, eliminating the sound stages and hotel. He then brought in LA-based developer Snyder as controlling partner.
Snyder has scaled the plans back even farther. The $160-million program he'll present to the audience tonight would have 1.2 million sf of shops, offices, apartments, a community health clinic and employment center.
Developer Snyder says the latest downward revision in the project's scope was needed because the LA Unified School District now wants to build a 10-acre high school on part of the site. The number of apartments in the plan might eventually be reduced, Snyder says, to make way for additional office space.
Snyder continues to negotiate a financing package with the local redevelopment agency. If a deal is struck by September, construction could begin next February or March.
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