The NoHo Arts District is looking up as the opening of the NoHo 14 Lofts nears and the arrival (finally!) of the two-story Bank Heist restaurant/bar. Small steps, small steps, right? Well, yesterday, the "Metro board approved negotiating with Lowe Enterprises for [a $1 billion development] massive mixed-use project," according to the Daily News today.
Christened as the NoHo Art Wave, the development located over and around the Metro Orange and Red Line stations will be costliest project in the city's history, maybe doubling the the $500 million spent on Hollywood & Highland.
Details of the plan will be worked out over the next six months, but the initial deal for the NoHo Art Wave includes more than 1.72 million square feet of retail, commercial and residential development. The complex on Metro-owned land at Lankershim and Chandler boulevards would revitalize 15.6 acres near a San Fernando Valley subway and bus hub and include 562 housing units - with 15 percent set aside for low-income residents.
The largest private development in recent memory, the Art Wave also would feature three office towers, a new YMCA, community buildings and 6,200 parking spaces, with 1,500 of those set aside for Metro transit riders.
One this is for sure: the NoHo Arts District is in desperate need of more restaurants... and, uh, a streetcar.
Image by Warren Huskey/Daily News. View the full picture here.
