More mixed. (Real Estate).

The L.A. Community Redevelopment Agency last week proposed the issuance of up to $10 million in bonds for funding a mixed-use project at the northeast corner of Sunset Boulevard and Western Avenue.

The $21 million project, to be co-developed by non-profit developer Hollywood Community Housing Corp. and San Francisco-based Village Properties, would include 55 affordable housing units as well as a 13,000-square-foot Walgreens on the ground floor. The complex would replace a house, a four-unit apartment building and an abandoned theater.

If approved, it would be the third Hollywood mixed-use development involving the CRA. The $51 million Hollywest Promenade, which includes 100 senior housing units and 121,000-square-feet of retail, was completed in the fall. The 600,000-square-foot Sunset & Vine project broke ground last summer.

Village Properties, which bought the one-acre site in January and has developed about 130 Walgreens sites, has granted air rights above the proposed store to HCHC, which will spend about $13.5. million on the housing portion of the development and the store's shell.

Pending City Council approval as early as this week, project construction could begin as early as September, according to Donna Hemer, project manager for CRA's Hollywood redevelopment zone.

Staff reporter Danny King can be reached at [phone] ext. 230, or at [e-mail]