Home furnishings retailer Ikea plans to build a massive store in Burbank less than a mile from its current location in the city’s downtown.

The existing 242,000-square-foot store next to the Burbank Town Center mall will remain open until the planned 470,000-square-foot store off San Fernando Road is finished in 2016, according to a statement from the retailer.

“This relocation would allow our coworkers to offer customers an updated, spacious and enhanced IKEA shopping experience,” said Ikea U.S. President Mike Ward, in the statement. The company is controlled by Ingka Holding, which is based in The Netherlands.

The Burbank outlet opened two decades ago, and the company had previously expressed a desire to move, noting the store had become too busy for the area.

The plan to open a new store was complicated, however, by the fact that the existing location was part of a redevelopment project and state officials objected to various agreements the city had tried to reach to facilitate the move.

Now, an agreement apparently has been reached between Ikea and Crown Realty & Development Inc. of Irvine, the owner of the San Fernando Road site south of Providencia Avenue. Ikea plans to buy the property for its new location in exchange for Crown Realty taking over the remaining years on its 99-year lease at its downtown location, according to reports.

City officials have expressed a desire to expand Burbank Town Center onto the current Ikea site.