With interest from several developers, the Metropolitan Transportation Authority plans to seek proposals for development of property at the Red Line North Hollywood subway station.
The agency has long planned to seek development for some of its properties as part of a broader redevelopment project in North Hollywood.
A key requirement of any project on its 13-acre subway station lot is a 1,500-space parking structure to serve Red Line riders. Currently, the station is served by a parking lot that regularly reached capacity shortly after the subway opened in June.
A senior housing project had been proposed for its 1.8-acre parcel bounded by Lankershim Boulevard, Weddington Street, Bakman Avenue and Chandler Boulevard South, but that option lapsed at the end of last month, said Carol Inge, who oversees station area development for the MTA. The option was with Encore Hall, a partnership that included the National Academy of Recording Arts and Sciences.
The academy had envisioned a six-story apartment building called Encore Hall next to the Red Line station, with retail shops on the ground floor and more than half of the 160 apartments reserved for music-industry retirees.
The MTA is seeking one developer for both sites.
If the MTA receives proposals back from developers by early next year, the agency may be able to begin negotiations by April. Possible construction could begin late 2002, Inge said.