A developer has proposed a residential project for 529-537 E. Palm Ave. in Burbank.

According to an Urbanize report, the large apartment complex, called the Palm Townhomes, would replace two single-family homes and two accessory structures completed in the 1920s and 1950s, respectively.

The proposed project involves the construction of a four-story apartment complex featuring 24 one-, two-, and three-bedroom apartments ranging from 738 to 1,211 square feet in size. There will also be a subterranean garage that can accommodate 38 vehicles. In exchange for density-bonus incentives, the project will include eight apartments deemed low-income affordable housing.

City records list the owner of the property as Palm Townhomes, an entity linked to Gerro Properties in Burbank. Architectural studio BolaDarck is designing the project.

The Palm Townhomes site is located northeast of the Burbank Downtown Transit Oriented Development Specific Plan area, an approximately 1,000-acre district. Several projects are under construction in the area, including LaTerra Development’s 573-unit apartment complex at 777 N. Front St. and Chandler Partners’ First Street Village, which will bring a total of 275 apartments and 19,000 square feet of commercial space.

Burbank has seen few new residential complexes come on the market. One major deal came in October 2021 when the Skyview Terrace Apartments sold for $15.5 million.. Located at 1301-1305 N. Hollywood Way, the 35-unit apartment building came to the market for the first time from the original developer owner.

Greg Alexanian, senior vice president of the KW Commercial team Alexanian Apartment Advisors in Burbank, transacted the deal between the two private parties. The property sold to an undisclosed family office.