The world premiere of Lake Hollywood will close the John Guare Season at the Signature Theatre Company. The drama, which tracks a married couple's lives, will begin performances March 16, open Mar. 28 and run through Apr. 25, 1999. Douglas Hughes and Itamar Kubovy will co direct the new piece. No casting has been announced.

Lake Hollywood replaces an ambitious mounting of Guare's four play "Nantucket" series. Earlier this fall, Guare announced that New York's Signature Theatre Company would conclude its season dedicated to him by performing, in repertory, the three plays of his "Nantucket" series, plus his new work, The Book of Judith.

Soon, however, the costly nature of the venture became apparent. Mounting the quartet of plays would involve a great outlay of money, much of it on a 30-member cast. As a result, the Signature opted to present a single new Guare play.

The "Nantucket" series follows a group of idealistic 19th century characters and their attempts to create a utopian society. The plays include Gardenia , Lydie Breeze , Women in Water as well as the new Judith.

Guare's Bosoms and Neglect, starring Mary Louise Wilson, is currently playing at the Signature. *

In other Signature news, the company may commission a new play from dramatist Maria Irene Fornes for the 1999-2000 season, which will be dedicated to the playwright. Press rep James Morrison said the premiering of a new work each year has become something of a tradition at the theatre, which dedicates each season to one playwright. No title has been attached to the new work.

Fornes, an experimental dramatist, has worked Off-Broadway and Off-Off Broadway for 30 years. Her latest play, The Summer in Gossenssass, looked at the influence of Hedda Gabler on the women of its generation. Other Fornes plays include Mud, Fefu And Her Friends, Abingdon Square, Terra Incognita and The Conduct of Life.

For memberships and information on the Signature Theatre season call (212) 244-PLAY.

-- By Robert Simonson