The 1.2-million-sf office, residential and retail project will rise on a 23-acre parcel next to the Metropolitan Transit Authority's subway station at Lankershim and Chandler boulevards. Construction should begin late next year, with completion 12 to 18 months later, a J.H. Snyder spokeswoman says.
The deal approved by the City Council includes $43.9 million in various types of government loans and grants to offset part of J.H. Snyder's development costs. More than half of the aid—about $27 million—will come from the U.S. Department of Housing and Urban Development and other federal agencies.
NoHo Commons is considered the cornerstone of efforts by the city to redevelop North Hollywood's tired urban core. The project's original developer, J. Allen Radford, nearly four years ago proposed a $1-billion, 4-million-sf mixed-use project that would include office and retail space, sound stages and a hotel.
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