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 23 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.