The final phase of a $375-million real estate development near the North Hollywood end of the Red Line subway called NoHo Commons was kicked off Monday by builders and public officials, the Los Angeles Times reports.

Los Angeles developer J.H. Snyder Co. will start work shortly on NoHo Commons' third segment, which will contain an office building with shops on the ground floor, a seven-screen Laemmle Theatres complex and a 700-space parking garage.

It will also include the relocation and restoration of Phil's Diner, a 1920s-era restaurant designed to simulate a railroad car that served generations of San Fernando Valley residents from a spot on Chandler Boulevard. The diner's original sign, now missing, will be re-created.

The $79.4-million third phase of the development is located on about three acres at the intersection of Lankershim Boulevard and Weddington Street. It's a block away from the north end of the subway and the beginning of the Orange Line busway that runs to Woodland Hills.

"This project creates a crossroads for culture and commerce at the transit crossroads of this very important part of the San Fernando Valley," said Los Angeles City Councilman Tom LaBonge, who represents the neighborhood.

The development is a joint project with J.H. Snyder Co. and the city's Community Redevelopment Agency to build a "transit-oriented development" near the North Hollywood station.

Read the full L.A. Times story .(registation required)

For reprint and licensing requests for this article, CLICK HERE.