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The Los Angeles County Metropolitan Transportation Authority Board of Directors (Metro) today voted to enter into an Exclusive Right to Negotiate agreement with Lowe Enterprises as master developer for a major mixed-use development comprised of four parcels totaling 15.6 acres on and around the North Hollywood Metro Red Line station on Lankershim Blvd. Los Angeles-based Lowe Enterprises was selected through a competitive process that began in August 2006. The company’s proposal, called the NoHo Art Wave, envisions an integrated development of approximately 1.7 million square feet with a mix of uses including office, retail and residential with substantial community and public spaces. It also will include new and replacement park and ride facilities. “We are a local company with more than 35 years of real estate experience across all types of commercial development. This significant development allows us to apply our team’s diverse expertise to an important site in our home town,” said Robert J. Lowe, Chairman and CEO, Lowe Enterprises. “Given the size of the development and its location, we believe it will be an important catalyst for the continued economic renewal of North Hollywood. It can become a commercial center that attracts businesses by offering new office space, with easy access to public transportation and many nearby amenities.” Upon successfully negotiating an agreement with Metro, Lowe Enterprises will undertake the planning, execution and management of the project. The company has teamed with AC Martin Partners, architects and planners, to create a conceptual master plan for the project area that will enhance public spaces and the pedestrian experience and ease access and connections for Metro subway and bus line riders. The plan complements and builds on existing recent developments that have added substantial multifamily residential options, along with new retailers and restaurants. It also is designed to reflect the neighborhood’s focus on the arts, and strengthen the identity of the NoHo Arts District as a destination and cultural attraction. 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. Metro’s plan to develop the four North Hollywood parcels that comprise 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. This development model enhances use of public transportation and enlivens the city’s urban areas. “Over the next several months we will work with the Metro staff on a final development agreement including specifics on project components and phasing,” said Thomas Wulf, senior vice president, Lowe Enterprises Real Estate Group. “Our team is dedicated to creating a signature development for Los Angeles that will engage the community as well as attract other businesses and residents to the area.” Currently, the project’s first phase is planned for the largest parcel, 10.5 acres east of Lankershim Blvd. and bounded by Cumpston St., Fair Ave. and South Chandler St. that includes the Metro Red Line portal. The three additional parcels are west of Lankershim Blvd. Lowe Enterprises was selected by a committee that included representatives from Metro and the Los Angeles Community Redevelopment Agency (CRA) as the site is located in a CRA-designated redevelopment area. The process began in August 2006 with a Request for Qualifications seeking developers. The committee selected three developers from among the submissions who were invited to respond to a Request for Proposal that was issued in March 2007. Lowe Enterprises is an experienced owner and developer of all types of commercial real estate. Among its signature projects in Los Angeles are the development of the Sony Music campus in Santa Monica and the Univision headquarters in the Howard Hughes Center. Currently, the company is under construction on the Terranea Resort set on a 100-acre coastal property in Rancho Palos Verdes, formerly the Marineland oceanarium. Nationally, Lowe Enterprises is developing CityVista, a large mixed-use project in Washington D.C. and a new facility for Northrop Grumman in Colorado Springs. About Lowe Enterprises Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm. Over the past 35 years, it has developed, acquired or managed more than $8.5 billion of real estate assets nationwide. The firm is currently developing six million square feet of commercial projects nationwide. Through its investment management affiliate, the firm currently manages in excess of $3 billion in real estate assets on behalf of investment clients. In addition to its Los Angeles headquarters, Lowe Enterprises maintains regional offices in Denver, Irvine, Phoenix, San Francisco, Sacramento and Washington D.C.
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