City Of Glendale Acquires Development Site In Glendale For $12.1M

The City of Glendale has purchased a development site located at 900-920 E Broadway in Glendale. The property spans 1.6 acres and includes several historic structures, which will be preserved. The transaction took place on January 8, 2020, with a sale price of $12,100,000. The development site has a building square footage (BSF) of 69,133, resulting in a price per BSF (PPBSF) of $175.02. The property is planned to be developed into a mixed-use project, with 52 senior units or 36 family units to be built on one of the properties, in addition to 80 new units. The purchase of this development site signifies the City of Glendale's commitment to expanding housing options.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $12,100,000
• Building Square Footage (BSF): 69,133
• Price per BSF (PPBSF): $175.02
• Units: 132
• Price per Unit (PPU): $91,666
• Buyer: City of Glendale
• Seller: Tobinworld

Kelly Betpolice, a representative from the agency, facilitated the transaction as the broker. The successful acquisition of this development site highlights the City of Glendale's efforts to address the housing needs of its residents. The preservation of the historic structures on the property adds a unique charm to this upcoming project. The City's commitment to providing housing options for seniors and families demonstrates their dedication to creating a diverse and inclusive community.