The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
May 18, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
Downtown Burbank to Gain Almost 1,000 Housing Units and Hotels as the City’s CBD Continues to Evolve

4/22/24

Burbank’s vibrant downtown core is evolving as a sought-after mixed-use environment with the coming addition of close to 1,000 housing units and hotels. These new developments are part of an overall strategy to improve the city’s jobs to housing ratio and diversify its downtown residential base.

LaTerra Burbank
LaTerra Burbank
Known as the "Media Capital of the World," Burbank, located north of Los Angeles at the eastern edge of the San Fernando Valley, boasts more than 1,200 media and entertainment companies including Walt Disney World Headquarters, Warner Bros/Discovery, and Netflix. These entertainment leaders have helped create a 182,000-strong workforce population. While Burbank is jobs-rich, there are limited options for these employees to live in the city, with a ratio of approximately 3.5 jobs for every housing unit.

Burbank’s strategic focus is on enhancing its already vibrant central core by growing and diversifying its retail, restaurant, and residential presence to create an 18-hour environment. New housing and hotel development will help capture a lucrative workforce as well as bring more residents to the downtown, supporting retail leasing and investment.

New housing development is well under way. A multifamily, mixed-use development by LaTerra Development features 573 under construction housing units adjacent to a Metrolink station with a 307-room hotel. The project includes the creation of two-way bike lanes and a transit plaza with an elevator and stairs connecting Downtown Burbank, the site, and the Metrolink station. A direct pedestrian connection will provide access for the property’s residents to restaurants, shopping, and amenities in Downtown Burbank. Now under construction, LaTerra is set to open January 2025.

The development includes a 40k sf rooftop deck with two pools, hot tubs and wading pool, indoor/outdoor fitness center, plus coworking space, green screen rooms, podcast room, writer's lounge, movie theaters, and more. Now under construction, LaTerra is set to open January 2025.

Private investment in Downtown Burbank also includes First Street Village, consisting of 275 apartments and 18.9k sf of ground-floor retail and commercial space, and the proposed AC Hotel, a six-story 196-room hotel with a 3.8k sf ground-level restaurant, and amenities including a pool, outdoor courtyard, and rooftop viewing deck.

Combined, these two new housing projects will bring more than $365 mil in investment value to the city.

Along with new housing and hotels, Burbank’s downtown includes Round1 Entertainment, Flapper’s Comedy Club and Bowling and F45 Fitness along with restaurants, coffeehouses, and bars such as Finney’s Crafthouse, Silverlake Ramen, Artelice Patisserie, Over/Under Public House, Ciderworks at Story Tavern, Urban Press Winery, and Republik Coffee. Nine new shops and restaurants are set to open in 2024.

An important part of the overall strategy is a joint effort between the City of Burbank and the Downtown Burbank Property Based Business Improvement District (PBID). Formed in 2003, the non-profit’s goal is to fund and manage projects and programs that enhance the economic well-being of Downtown Burbank working in collaboration with property owners and businesses in the area to increase property values, consumer visitation, and spending.

According to Placer.ai, Downtown Burbank surpassed pre-pandemic visitation levels with an 8% increase in visitation from 2019, which welcomed 3.8 million annual visitors, to 4.1 million annual visitors in 2024, proving that the strategy and collaboration is working.





Return to the previous page
 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media