Crown Realty & Development, in conjunction with Dallas, Texas-based CAPREF Manager, LLC have reached an agreement to redevelop the Burbank Town Center.
The proposed development is highlighted by a large multifamily residential component, consisting of 765 rental units at 600 N. San Fernando Boulevard as well as 70 for-sale homes at 800 N. San Fernando Boulevard. The residential community would make use of a property formerly occupied by IKEA, which has relocated to a larger replacement store elsewhere in Burbank.
With 835 proposed residential units, the project is intended to address the rising affordability issues that have come to plague much of California. An alaysis from city officials has found that the area surrounding Burbank Town Center has seen little-to-no new housing approved or built during the past 15 years.
Other components of the project include 40,000 square feet of new retail tenants, an outdoor plaza linked by pedestrian walkways, landscaping, and open space for events such as farmer's markets and outdoor movie screenings. The mall itself will also receive a series upgrades to its interior and exterior appearance, including new tenants and outdoor dining along its Magnolia Boulevard entrance.
The Town Center development is currently entering into the first steps of the approval process with the city, and has launched a community outreach campaign titled "I Heart Burbank."
- I Heart Burbank (Official Website)