Apartment Project Moves Toward OK
A large North Hollywood apartment complex aimed at attracting entertainment industry professionals moved a step closer to reality Monday when a Los Angeles City Council committee approved its financing.
The 248-unit Lincoln Academy Village Apartments would be part of an ambitious 25-acre complex of offices and retail stores in the heart of North Hollywood’s redevelopment district. The cornerstone of the venture would be the headquarters of the Academy of Television Arts and Sciences.
Under a plan submitted to the Community Redevelopment and Housing Committee, the apartments--planned for the corner of Magnolia Boulevard and Blakeslee Avenue--would be completed in 1992.
Developers of the project are applying for $23 million in state bonds to build the apartments. They need approval of the full City Council before they can submit their application to the state.
An agreement reached earlier this month with the Community Redevelopment Agency calls for reserving 50 of the apartments for very-low-income tenants for at least 15 years.
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