8-acre site is future home of LaTerra Development's $375 million transit-oriented complex

An 8-acre parcel of land near downtown Burbank has been sold for approximately $40 million. Purchased by Los Angeles-based firm, LaTerra Development, the site will house a new $375 million transit-oriented development project that will include much needed housing, a hotel, retail, and a transit plaza that leads to the nearby Metro rail. The purchase came on the heels of a four-year entitlement process that allowed the developer to move forward with the mixed-use complex. When completed, the LEED gold project will create a new, pedestrian-friendly neighborhood adjacent to mass transit and the downtown area.

Located at 777 Front Street, the deal was brokered by the Lee & Associates – LA North/Ventura office team which included principals Brett Warner, Hunter Warner and former Lee principals Jim Fisher and Mike Smith. The team represented the buying and the selling entity.

“Burbank has the highest jobs-to-housing ratio in the state of California. In the past 20 years, there has only been one Class A apartment complex built, while there has been significant job growth, leaving a severe shortage of housing here,” said Chris Tourtellotte, managing director of LaTerra Development, LLC. “We are building a much-needed neighborhood, which will bring both market rate and affordable housing adjacent to a Metrolink station.”

Sold by Northridge Properties, LLC., the project, which is named LaTerra Select, includes 1,100-foot frontage along the I-5 freeway, a major transportation artery that divides the downtown area from the site. Because of this, pedestrian overpasses straddle the I-5 freeway. LaTerra is also building elevator and stair connections for access to downtown Burbank and the Metrolink station via Burbank Boulevard and Magnolia Boulevard.

The complex will include 573 units of housing – 69 of which will be designated as affordable units, the largest ever seen in the city of Burbank. A nearly 1-acre rooftop deck will include a variety of amenities including co-working areas, a pool and spa. A 307-room hotel and approximately 1,100 square feet of retail space will create a new destination in the Tri Cities area. The addition of a 30,000-square-foot transit plaza, a mere 750 feet from the Burbank Metrolink Station, will provide commuters and visitors a way to frequent the development’s offerings without contributing to further traffic on already congested freeways. Bike lanes, outdoor seating and other amenities will further solidify a renewed sense of place that is separate, yet connected to the city’s downtown.

“This was a unique transaction deal in that it was designed around an option structure,” said Brett Warner, principal at Lee & Associates. “A structure like this gave our buyer the opportunity to purchase the land upon completion of the entitlement process, which took over four years, given the complexity of the overall project.”

Designed by Urban Architecture Labs, with TCA Architects serving as the production architect, LaTerra Select, which has been designed to achieve a LEED Gold standard, includes a number of sustainable features such as drought tolerant landscaping, electric vehicle charging stations, solar power integration, and enhanced air filters. A variety of sound reducing features were also integrated into the design including a 10-foot sound wall and high-performance windows.

About Lee & Associates - LA North/Ventura, Inc.

Celebrating 40 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada. With more than 900 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. Lee & Associates-LA North/Ventura, Inc. provides industrial, office, retail and multifamily/investment and development land brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. 

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