A pair of projects aimed at revitalizing a section of the NoHo Arts District near the Metro Red Line station have hit a speed bump.
Touted as L.A.'s biggest transit project, the NoHo Art Wave development, which entailed residential units and office space, as well as plans to resurrect the historic Lankershim train depot have hit a snag due to financial issues.
Patch reported in 2011 that the NoHo Art Wave project, potentially slated to have been built on 16 acres owned by Metropolitan Transportation Authority, was on hold.
The project was approved by Metro in 2007 and Lowe Enterprises was awarded a development contract, but firm vice president Jann Diehl told Patch almost two years ago that there was no update on the endeavor.
Earler this week, Metro spokesman Marc Littman said Lowe Enterprises was unable to secure funds to bring the project to fruition due to the current recession.
But Metro's board of directors could be open to entertaining ideas for a similar project in the future once a committed developer is found, he said. Lowe Enterprises is welcome to re-enter the picture, Littman added.
"It's an important parcel of land," he said. "We don't want to rush it and come back to the board for recommendations."
A spokesperson for Lowe Enterprises did not return phone calls for a comment at press time.
Meanwhile, the latest step in restoring the Lankershim train depot has been delayed due to firms who wanted more money than Metro's budget to help restore the historic site.
Located at the intersection of Lankershim and Chandler boulevards, the depot saw Red Trolly cars pass through from the late 1800s through the 1950s.
The first phase of the project to remove asbestos and led paint was completed in 2012.
But the next phase, which includes rehabilitation of the structure and some seismic work, is being pushed back because the two firms that responded to requests for bid charged more than the $1.7 million to $2.3 million Metro had allocated, said Diana Sogomonyan, assistant contract administrator with Metro.
She added phase two's scope is being revised and that Metro could beggining accepting bids again by the end of January.
Editor's Note: We failed to mention that this project was initially approved by Metro in 2007.