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The Real Deal Los Angeles

Cypress Equities files epic plans for Burbank Town Center

With the addition of new proposals, project could include 1,000 units and hotel rooms
January 26, 2017 03:04PM

201 East Magnolia Boulevard (credit: Google Earth)

The Burbank Town Center could soon transform into a ginormous mixed-use community with more than 1,000 residential units and hotel rooms, as well as 35,000 square feet of retail space.

An LLC connected to majority owner Cypress Equities recently filed plans for the 37-acre downtown Burbank plaza, the Los Angeles Times reported. In addition to the residential and hotel component, the Dallas-based developer wants to renovate the mall itself by updating the interior design and adding a new facade on the Magnolia Boulevard Entrance, with public space.

Cypress is working alongside property co-owner Crown Realty and Development on the project.

Scott Plambaeck, a deputy city planner for Burbank, talked about the latest proposals with Planning Board on Monday, which include building a 265-unit apartment building on the existing Office Depot site, razing the Corner Bakery to build a 70-unit condominium complex and constructing a 200-key hotel on the North San Fernando Boulevard lot that houses Chevys Fresh Mex restaurant.

The proposal filed in April called for a seven-story mixed-use complex with 765 apartments and ground-floor retail, which would replace the IKEA structure.

Cypress needs a general plan amendment in order to complete the development. Meanwhile, renovations inside the mall have already begun. The firm acquired the majority stake in Burbank Town Center for $250 million last April. [LAT]Cathaleen Chen