A development planned for Burbank will soon replace a former Fry’s Electronics store with a 934,561 square-foot mixed-use project containing a mix of residential units, office space and ground floor retail. After recently being approved by the City, LaTerra Development could begin construction on the Burbank Aero Crossings project as early as July of 2022.
“The LaTerra Burbank Aero Crossings Project represents commitment to a $500 million development in one of Burbank’s primary commercial, employment and transit districts, transforming the now closed Fry’s Electronics store and surface parking lot into an attractive and thriving residential and mixed-use community,” a landing page for the project on LaTerra Development’s website states.
The project site is located at 2311 N. Hollywood Way. Once completed, it would include 863 residential units, with 80 set aside for affordable housing and 12 set aside as live-work units. Additionally, 151,000 square feet of office space and 9,700 square feet of retail space would be included in the project.
Burbank Aero Crossings is being designed by Urban Architecture Labs, and would also include a wide variety of amenities. These include two rooftop decks with swimming pools, cabanas, and outdoor fireplaces, media screening walls and content creation rooms. The project also would include various sustainability features, such as drought-tolerant landscaping, electric vehicle charging stations, solar power and enhanced air filters.
The property is located adjacent to the Hollywood Burbank Metrolink Station and the Hollywood Burbank Airport. Burbank is also home to various employers in the entertainment and media industry, including Walt Disney, Warner Brothers, Netflix Animation and Nickelodeon Animation, among many others. According to LaTerra Development, Burbank is also facing a housing shortage with approximately 150,000 jobs and housing for approximately 40,000 households — the highest job to household ratio in California.
LaTerra Development is a real estate investment and development company with a focus on Southern California. According to its website, the company has developed more than 3,000 multifamily units and more than 250,000 square feet of commercial space. The estimated value of LaTerra’s current projects at completion exceeds $2.5 billion.
The company has been relatively active in the Greater Los Angeles region over the past several months. Most recently, LaTerra Development acquired a fully entitled apartment development site in Perris, Calif., for $8.2 million. Located at 2700 N. Perris Boulevard, the site is approved for 228 apartments. In November, the company also received a $198.5 million construction loan for the development of an additional 573-unit residential project in Burbank. The project site is located at 777 N. Front Street.
Neither LaTerra Development nor Urban Architecture Labs responded to requests for comment.