San Fernando Valley : City Loan Could Pave Way for Arts Co-Op
A key City Council committee approved a $435,000 commercial earthquake recovery loan Wednesday for a demolished North Hollywood property, possibly paving the way for the creation of a nonprofit arts cooperative.
The Housing and Community Redevelopment Committee endorsed a Community Redevelopment Agency loan agreement with John and Georgette Narguizian for the property across the street from the Academy of Television Arts and Sciences that formerly housed a furniture business.
The Narguizians, who also own neighboring properties, said construction on the site in the 5200 block of Lankershim Boulevard could begin within six weeks.
Although the Narguizians do not yet have a tenant for the property, they are considering a long-term lease with Marina del Rey entrepreneur Jennifer Kelton, who ran the now-defunct Nomads nightclub in West Los Angeles.
Kelton envisions the space as an arts mall with gallery space, a restaurant, a music and film venue and retail spaces.
The full council is scheduled to consider the loan next Wednesday.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
