Big plans are underway for the old site now that the new 458,000 Square feet Ikea retail store is under construction. The new store will be the largest in the United States. They will leave the old site at the net lease retail site at Burbank Town Center at about this time in 2017. So what’s underway for the old site?
Developer, Crown Realty and Development and CAPREF LLC have big plans: http://www.iheartburbank.com/ . The plans are to add 765 apartments at 600 N San Fernando Blvd. and 70 condos for sale at 800 N San Fernando Blvd to the Burbank net lease retail center. The center will also feature an open air plaza and 40,000 square feet of net retail space for lease for fresh retail tenants and maybe a farmer’s market.
No new Burbank residential multiunit housing has been permitted or built in the last 15 years, which added to the housing availability crisis. Not that it’s not the same all over Southern California. I’ll wager that all of these new apartment and condo units will be sold or rented long before the construction is complete.
Looks like another solid project and we sure need the housing and new Burbank triple net retail space. The new net leased reatil space will sure make Los Angeles commercial real estate agents and brokers happy.
We’re still a ways off, but if you’re looking for nnn retail or restaurant space for lease, I’ll do my best to help. Contact me, Scott Harris Realtor at 310-473-4789