LOCKHEED SELLS OUT
A decade after closing up shop, Lockheed Martin Corp. went a long way
toward completing its withdrawal from Burbank in 1999 by selling off much
of its remaining property here.
The biggest and most significant deal involved the sale of the of
Lockheed's 130-acre "B-6" property to Burbank Airport. The $86-million
price tag for the site -- where the airport plans to build a new terminal
-- was set in June by a Superior Court jury in the Burbank courtroom of
Judge Carl West.
However, the lengthy legal battle, which began when the airport seized
the property through eminent domain in June 1997, was not over. West said
the sale violated the state law since Burbank had not yet agreed to allow
the terminal to be built. West approved the deal in November when the
parties arranged to have the land where the terminal is planned placed in
an escrow account. If the city and the airport can't come to terms on a
new terminal, the Airport Authority will have to sell the property.
Two other large tracts of Lockheed land were sold in 1999, both to Los
Angeles-based Zelman Development Companies.
In March, Zelman agreed to buy Lockheed's 103-acre "B-1" property for
$69 million. The firm plans to build Burbank Empire Center, a
$200-million retail and office center that will include hotels, car
dealerships and several "big box" stores.
In December, Zelman inked a $20-million deal to buy Lockheed's 31-acre
"A-1" property, which was used to design, manufacture and assemble
aircraft and which served as the company's headquarters until the early
1990s. Zelman wants to build a high-tech industrial manufacturing complex
on the site.
The completion of both deals is contingent upon city approval of the
development plans, but it's likely both will go through.
"This is the end of the ownership era for Lockheed," City Manager Bud
High school graduation is traditionally a time of celebration for high
school seniors, but this year in Burbank there were tears of anger and
disappointment mixed in with the tears of joy.
At issue was the Burbank Unified School District's graduation