Beverly Hills-based developer Regent Properties just added another project to its already busy schedule for the year.
The city of Burbank's redevelopment agency selected Regent to build a retail/office project in downtown at the former police headquarters site.
Regent's proposal for the three-acre site calls for about 180,000 square feet of class A office space, 25,000 square feet of retail space and an art-house cineplex. Glendale-based architectural firm Feola Carli & Archuleta designed the project, called Burbank Metropolitan Plaza.
Bob Tague, Burbank's community development director, said the city selected Regent's submission from seven proposals because it had the strongest potential to "bring some activity to that side of Olive" Avenue and bolster the city's tax revenue.
Regent and the city still have to purchase some of the site, which in addition to the vacated police headquarters contains a small office building and Masonic temple. Tague said he hopes the project can have its development agreement and building approvals within six months.
Regent is completing construction on its Glendale Marketplace retail project and its 600,000-square-foot West Hills Corporate Village office park. It is also working through the permitting process to build an entertainment/retail project in Westwood Village and has an office/retail project planned for Hollywood.
In more Burbank news, the City Council this week will consider a proposed agreement between Boeckmann/Ford and the redevelopment agency to build a "superstore" auto dealership on the former site of the Zero Corp. manufacturing facility.
The proposal calls for a three-level dealership totaling 103,700 square feet, with the possibility of adding a fourth-level restaurant. The required density of the facility adds to the development's costs, making the estimated $40 million project one of the most expensive in Southern California. The project is expected to bring in an estimated $54 million in total tax receipts to the city and Redevelopment Agency during the next 25 years as well as create 150 jobs.
Glendale has been trying to recycle the abandoned Zero facility ever since the electronics packaging company left for Utah in 1991. The 12-acre site is located west of the Golden State (5) Freeway and south of Burbank Boulevard.
After months of rumors, two noteworthy suburban properties are officially up for sale.
Marketing packages went out last week on the Prudential HealthCare campus in Woodland Hills, two one-story buildings with a combined 450,000 square feet of space. Prudential intends to lease back the west building once the complex is sold, according to Mark Williams, senior vice president of Secured Capital Corp.
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