Legacy Partners is out and a local developer is in to develop the site of a former police station in Burbank.
The 3.5-acre site is across from City Hall in the heart of Burbank, a block bordered by Olive and Angeleno avenues, Third Street and San Fernando Boulevard.
The city has ceased talks with Legacy and shifted instead to Cusumano Real Estate Group, confirmed Ruth Davidson-Guerra, project manager for the redevelopment agency.
The decision came when Legacy slashed its offer to buy the land to $5.4 million from $13 million, Davidson-Guerra said. Though Cusumano's offer is slightly less, at $5 million, the new proposal has some competitive advantages, Davidson-Guerra said. Those include more restaurants and a public plaza that flows better with nearby retail at Burbank Village.
The city might still opt to put the project out for bid again. Legacy officials did not return calls for comment.
The site is the same place where Regent Properties once proposed to build a hotel, movie theater and 200,000 square feet of office space. With the capital markets cool on hotel construction, both Legacy and Cusumano proposed luxury housing instead of hotel rooms, and reduced the office component to roughly 100,000 square feet.
Cusumano has developed a large amount of low-rise office and multi-family housing, including four projects with the city.
Glendale Eyes Developers
In nearby Glendale, city policymakers will look at five developers this week who have shown interest in developing a mixed-use project on 12 acres next to Glendale Galleria.
Although 15 developers responded to a city request for qualified developers for the project, City Council members will focus on five development teams Dec. 12: Caruso Affiliated Holdings/Legacy Partners, Post Properties/Cousins Properties, J.H. Snyder Co., Lennar Urban Develop-ment Group, and Regent Properties.
The city gave developers a broad window to propose a mixed-use project, Glendale Town Center, that emphasizes public space and could include retail, housing, office, hotel or similar uses, said Philip Lanzafame, the city's assistant director of development services.
The property, which is partially owned by the city's redevelopment agency, is south of the Glendale Galleria. It's bounded by Brand Boulevard, Colorado Street, and Orange Street.
"We think it's the big finale to our downtown," Lanzafame said.
More Brokerage Mergers
Two more brokerages have made the move to consolidate: Cushman & Wakefield has bought Matlow-Kennedy Commercial effective Jan. 1. The deal will triple Cushman & Wakefield's broker presence in the South Bay, especially in the industrial sector, said Joseph Vargas, C & W;'s managing director for Southern California.
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