A $400 million mixed-use complex is set to replace the closed Ikea anchor store at the Burbank Town Center Mall on San Fernando Boulevard, with plans for up to 1,100 apartment units.
The 16.5-acre project is being led by Costa Mesa-based Crown Realty and Development and Arrow Retail of Dallas. The team will be known as CC Development Partners, according to the Los Angeles Times.
The partnership has drawn up several versions of the plan, some with as few as 881 apartments, and agreed to make 10 percent of the apartments micro-units as small as 400 square feet to address concerns about affordability.
The complex would be mostly seven-story buildings with ground floor retail. A hotel is part of the plans and office could be mixed in as well. CC Development Partners could also build a 70-unit, 15-story tower, which would be subject to city rules requiring 15 percent be set aside for households with low or moderate incomes, according to the Times. An Office Depot and a some neighboring restaurants would have to go to make room for the development as well.
Crown executive vice president Jim O’Neil told the Times he wants to go to the city for approvals sometime this year, start construction next year, and wrap up in five to seven years.
The addition of more than 1,000 units in Burbank would be a huge boost to its housing stock, which has lagged behind its rapidly growing workforce. The city added more than 16,500 jobs and just 249 homes between 2010 and 2016. [LAtimes] – Dennis Lynch