LaTerra Burbank to Build 573-unit Mixed-use Development in Northern LA

Burbank's downtown core is undergoing significant transformation, with LaTerra Development, LLC, set to introduce nearly 1,000 housing units and hotels. This initiative aims to bolster the city's jobs to housing ratio and diversify its downtown residential offerings.

Current Developments

LaTerra Burbank's ongoing multifamily, mixed-use project comprises 573 housing units alongside a 307-room hotel, strategically positioned near a Metrolink station. The development emphasizes connectivity, featuring two-way bike lanes, a transit plaza with access to Downtown Burbank, and direct pedestrian links to nearby amenities.

Private Investment Initiatives

Additional private investments in Downtown Burbank include First Street Village, incorporating 275 apartments and retail spaces, and the proposed AC Hotel, boasting 196 rooms, a restaurant, pool, courtyard, and rooftop deck.

Media Capital Status

Renowned as the "Media Capital of the World," Burbank hosts over 1,200 media and entertainment companies, including industry giants like Walt Disney World Headquarters, Warner Bros/Discovery, and Netflix, fostering a robust workforce of 182,000 individuals. However, the city faces housing shortages, with a job-to-housing ratio of approximately 3.5.

Strategic Vision

Burbank is strategically focused on enriching its central core to cultivate an 18-hour environment, emphasizing retail, dining, and residential expansion to cater to its burgeoning workforce and resident population.

Bustling Downtown Scene

Downtown Burbank boasts a vibrant entertainment and leisure scene, featuring attractions like Round1 Entertainment, Flapper's Comedy Club and Bowling, F45 Fitness, and an array of restaurants, coffeehouses, and bars. The area is poised for further growth, with nine new establishments slated to open in 2024.

Partnership Initiatives

An integral aspect of Burbank's development strategy involves collaboration between the City of Burbank and the Downtown Burbank Property Based Business Improvement District (PBID), established in 2003. Together, they spearhead projects and programs aimed at enhancing the economic vitality of Downtown Burbank.

Success Metrics

Recent data from Placer.ai indicates Downtown Burbank's resilience, surpassing pre-pandemic visitation levels by 8% in 2024, attracting 4.1 million annual visitors. This growth underscores the efficacy of Burbank's collaborative approach to urban revitalization.