With a third-quarter office vacancy of 8 percent, according to Colliers International data, Burbank has thrived throughout the pandemic as the center of media and tech companies, including movie studios Walt Disney Co. and Warner Bros., and various television networks and animation houses, including Netflix Inc.’s new animation studio.
Despite all these employers, Burbank has lagged when it comes to available apartments.
Now, there are several projects are moving forward to close the gap.
LaTerra Development and development partner QuadReal Property Group have announced the closing of a nearly $199 million construction loan toward the development of their 573-unit residential community at 777 N. Front St. project.
BMO Harris Bank provided the loan. Eastil Secured served as the financial advisor on behalf of the developers.
The previously announced Front Street development will be comprised of studios and one- to three-bedroom floorplans ranging from 499 to 1,545 square feet. Amenities will include a fitness center, spa, pool, clubhouse and electric vehicle charging stations.
Urban Architecture Labs designed the community and TCA Architects served as production architect.
The project, which will also include a seven-story, 307-key hotel, will stand right in the heart of Burbank Media Center.
Last month, LaTerra Development received the approvals to create another mixed-use project called Burbank Aero Crossings at 2311 N. Hollywood Way – the longtime address of the now-defunct Fry’s Electronics in Burbank. That project will see 862 apartments, ground-floor restaurant and a five-story office building.