Hollywood : Renewal Project Under Way

Construction is under way on the first Hollywood redevelopment project to win financial assistance from the Los Angeles Community Redevelopment Agency, which is administering the area’s $922-million revitalization project.

The agency recently sold $8 million in bonds to assure the financing of Lanewood Apartments, a 79-unit complex in the 7000 block of Lanewood Avenue. The complex, scheduled for completion in mid-1987, will provide 20% of its units to low- and moderate-income tenants. The percentage is required by state law for all redevelopment projects.

The apartment complex is being built by Goldrich & Kest Industries, a Culver City-based firm which recently opened a shopping center at Sunset Boulevard and La Brea Avenue and is converting two old hotels, the Hollywood Knickerbocker and the Hollywood Plaza, into housing developments for senior citizens.

Last week, Mayor Tom Bradley signed a bill authorizing the redevelopment agency to begin plans and financing for the Hollywood project, which is expected to take 30 years. The agency envisions the construction of 1,600 new hotel rooms, 2,800 housing units and 2.65 million square feet of office space.