Burbank Brings More Residential, Lodging to Downtown Core

The “Media Capital of the World” intends to improve its jobs-to-housing ratio, currently at 3.5 jobs for every housing unit. Home to more than 1,200 media companies, Burbank is poised to add nearly 1,000 housing units as well as hotel space to its downtown core.

Burbank’s strategic focus is on enhancing its central core by growing and diversifying its retail, restaurant and residential presence to create an 18-hour environment. A multifamily mixed-use development by LaTerra Development (pictured) features 573 under-construction housing units adjacent to a Metrolink station with a 307-key hotel. It’s set to open in January 2025.

Private investment in Downtown Burbank also includes First Street Village, with 275 apartments and 18,876 square feet of ground-floor retail and commercial space, and a proposed 196-key AC Hotel.

“Downtown Burbank has even more potential to unlock,” said LaTerra managing director Chris Tourtellotte. “What we are building is designed ideally for the creative workforce that drives the city’s entertainment sector.”

Combined, the LaTerra and First Street Village projects reportedly will bring more than $365 million in investment value to the city.

How are deals getting financed in today’s uncertain climate? On May 1, Connect Los Angeles 2024 brings together John Manning of MMCC, Gary Bechtel of Red Oak Capital Holdings, Felix Gutnikov of Thorofare and TR Hazelrigg, IV of Avatar Financial Group on the Financing with Debt Panel. Register now to hear from these industry experts.