Jackson Bell
Enthusiasm and optimism for the future of downtown set the tone at
Thursday's groundbreaking for Village Walk.
City officials and developers gathered for the ceremonial start of
construction on the nearly $44-million project at the intersection of
San Fernando Boulevard and Angeleno Avenue, which will feature a mix
of 140 townhomes, lofts and flats.
The first phase of the 203,000-square-foot project -- a five-story
building featuring restaurants and retail shops on the ground level
-- is scheduled to be completed by March 2005, according to the Olson
Company, the project's developer.
Community Development Director Sue Georgino, who did not attend
the ceremony, said the townhouses, lofts and flats will provide a new
component to downtown: homeownership.
"This is going to be a real strong mixed-use project that hasn't
been in the downtown yet, so we're pretty excited," Georgino said.
"We're looking at this to be an anchor for that side of the village."
The contemporarily designed development will feature a pool,
barbecue area, security gates for underground parking and security
entrances, said Ben Besley, the company's project manager.
"We believe this will attract a number of first-time buyers moving
in, those around Burbank who don't want to take care of a yard and
[people] who want something a bit more secure when they travel,"
Besley said.
The second phase is expected to be finished by July 2005, and the
final phase is slated for a November 2005 completion date. Fourteen
of the units will cost about $178,000 each, which is the county's
affordable housing standard for low incomes, said Ruth
Davidson-Guerra, senior project manager for the city's Housing and
Redevelopment Agency. The remainder will sell for between $275,000
and $455,000 apiece.
The Redevelopment Agency spent $10 million to purchase and clear
the land, which was formerly the site of the old Burbank Police
Headquarters, Davidson-Guerra said.
In return, the agency anticipates collecting more than $8 million
in property tax increments by 2022, she said. Davidson- Guerra said
it was too soon to project sales tax revenues from the project.
The Olson Company, which spent $3 million for the land, has been
working on the project since October 2001.
The Burbank Civic Plaza, which is being developed by the Cusumano
Real Estate Group, is an adjacent project featuring 90,000 square
feet of office and commercial space. A groundbreaking ceremony for
that project will be 10 a.m. Monday. Construction is expected to be
completed about the same time as Village Walk, city officials said.
