The Burbank City Council has signed off on a proposal by LaTerra Development to redevelop a one-time big-box retail site into a mix of residential and office space.
The developer’s Burbank Aero Crossing would rise at the former home of Fry’s Electronics at 2311 N. Hollywood Way, according to Urbanize.
Plans call for 862 apartments, 152,000 square feet of office space, 9,700 square feet of restaurant space, and parking for 1,600 vehicles.
The commercial structure would be a single story, while housing would be spread over three mid-rise buildings of between five and seven stories. The office building is a standalone structure.
Urban Architecture Lab is designing the complex. Around 130,000 square feet of open space would connect the buildings. Two rooftop pool decks are planned as well.
LaTerra aims to break ground by next July and wrap the project by the end of 2025.
In approving the project, the city council tossed two appeals against it. The Southwest Regional Council of Carpenters, a frequent opponent of various projects in Southern California, argued the project violated state and local regulations on zoning and environmental impacts, according to Urbanize.
The development site is in an area that Burbank wants to rezone in order to accommodate 12,000 new units of housing citywide over the next 12 years.
The Fry’s store — one of 31 across nine states — closed along with all other Fry’s locations when the electronics retailer went out of business earlier this year.
Earlier this month, LaTerra secured nearly $200 million in construction financing for a 573-unit mixed-use project in Burbank. That project, slated for 777 N. Front Street, also includes a 307-room hotel, around 1,100 square feet of retail space and 28,000 square feet of public park space.
The firm bought that development site last June for $40 million. The project is part of a joint venture with Canadian pension fund QuadReal Property Group to invest $250 million into Southern California multifamily projects.
[Urbanize] — Dennis Lynch