Burbank Town Center Rendering

Burbank Town Center Rendering

Owners of the Burbank Town Center announced Friday plans to convert the former Ikea store location into retail space and residential units in a $350 million construction project.

Dallas real estate development firm CAPREF Manager LLC and Irvine based Crown Reality & Development will build 200 hotel rooms, 70,000 square feet of commercial space and around 1,000 housing units at 600 N. San Fernando Blvd.

CAPREF is separately planning to spend $60 million to revamp the old mall by adding entertainment venues and dining.

“Retail is changing and so its our vision for the mall,” Lance Taylor, director of CAPREF, said in a statement to the Los Angeles Daily News. “We are trying to upgrade it.”

The residential units and retail space will be built in the currently occupied Office Max, In-and-Out Burger and former Ikea area.

The project still needs a noise and traffic study, an air-quality analysis and water supply assessment.

The redevelopment is scheduled to be completed by 2020.