Adler Realty Investments, a Los Angeles-based real estate firm, is planning a transformative mixed-use development in Warner Center.
At tomorrow's meeting of the Woodland HIlls - Warner Center Neighborhood Council's Planning, Land Use & Mobility Committee, Adler will give a courtesy presentation regarding its proposed redevelopment of the Warner Center Corporate Park at Burbank Boulevard and De Soto Avenue. The multi-phase project would create nine buildings, featuring a approximately 1,000 residential and live/work units, 222 hotel rooms and 1.4 million square feet of office space, shops and restaurants.
The approximatley 24-acre site was purchased by Adler in 2013 for an estimated $80 million.
Following the adoption of the Warner Center specific plan, which facilitates walkable mixed-use developments in the area, plans have emerged for several campus-style developments on some of the community's largest properties.
The 46-acre site ate Victory Boulevard and Canoga Avenue that once served as Rocketdyne's propulsion and power plant is being reimagined as a $3-billion "ustainable urban neighborhood," offering a mixture of apartments, offices, retail space, hotels and other civic amenities.
One block south, the 36-acre property that houses the Westfield Promenade shopping mall is slated for a similar $1.5-billion development that would erect high-rise towers with apartments and offices, as well as a potential 15,000-seat arena.