LOS ANGELES-The Los Angeles County Metropolitan Transportation Authority has signed Lowe Enterprises to an agreement that grants the Los Angeles-based firm the exclusive right to negotiate as master developer for a 1.7-million-sf mixed-use project surrounding the North Hollywood Metro Red Line station. Lowe's proposal, called the NoHo Art Wave, envisions a mix of uses, including office, retail and residential with substantial community and public spaces.
Lowe, which won the exclusive negotiating rights in a competitive bidding process that began in August, would also develop replacement park and ride facilities as part of its plan. Lowe Enterprises has teamed with the architectural and planning firm of AC Martin Partners to create the conceptual master plan for the project area, which is composed of four parcels totaling 15.6 acres on and around the Metro Red Line station on Lankershim Blvd.
Lowe's plan is designed to complement and build on existing recent developments that have added substantial multifamily residential options, along with new retailers and restaurants, in the NoHo area. The North Hollywood area is a transportation hub with the Metro Red Line subway station, Metro Orange Line bus terminus and connections to other bus routes.
The Metropolitan Transportation Authority's efforts to develop the four North Hollywood parcels of the NoHo Art Wave project area is an extension of the agency's focus on transit-oriented development that places housing, retail and other commercial uses on and around its stations. According to Thomas Wulf, SVP of Lowe Enterprises Real Estate Group, the company will work with the Metro staff over the next several months to develop a final development agreement that includes specifics on project components and phasing.
The first phase of the project is planned for the largest parcel, 10.5 acres east of Lankershim Blvd. and bounded by Cumpston St., Fair Ave. and S. Chandler St. that includes the Metro Red Line portal. The three additional parcels are west of Lankershim Blvd.
Lowe was selected by a committee that included representatives from the MTA and the Los Angeles Community Redevelopment Agency because the site is located in a CRA-designated redevelopment area. Robert J. Lowe, chairman and CEO of Lowe Enterprises, says that the size and location of the development will make it a catalyst for the continued economic renewal of North Hollywood.
The Los Angeles-based firm has developed, acquired or managed more than $8.5 billion of real estate assets nationwide. Its projects in Los Angeles include the Sony Music campus in Santa Monica, the Univision headquarters at the Howard Hughes Center and the 100-acre Terranea Resort under construction on coastal property in Rancho Palos Verdes.
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