State finance officials this week approved the sale of the IKEA property, putting the Swedish furniture giant one step closer to nearly doubling its current operation in Burbank and building its largest retail store in the U.S.
The move — in which local developer Crown Realty and Development will acquire and redevelop IKEA's current digs — is still predicated on Burbank complying with stipulations included in winding down local redevelopment operations, but the decision by the California Department of Finance was greeted with optimism nonetheless.
“We're delighted,” said Ruth Davidson-Guerra, the city's assistant community development director. “We view this as a very good thing for the economic health of our city.”
IKEA announced plans in November to build the new store at on 22 acres at 805 S. San Fernando Blvd. — less than one mile from the current location — by 2016. But Los Angeles County officials who oversee dissolving Burbank's redevelopment obligations had been skeptical about whether the state would green-light the sale.