LaTerra Development, a Los Angeles-based developer of urban infill mixed-use properties, announced recently the formation of a programmatic joint venture with QuadReal Property Group, a global real estate company to build two Burbank & West Hollywood Apartments.
The venture will invest up to $250 million in equity to develop and operate multifamily communities in Southern California with a focus on Greater Los Angeles. The venture has closed on two land acquisitions
Major Project in Burbank, California
The first development consists of building 573 apartment homes adjacent to a transit stop in downtown Burbank at 777 N Front Street, Burbank, CA. This building project, named La Terra Select Burbank, will offer a community to a significant and robust employee base, driven by leading media companies such as Disney and Warner Brothers.
This project will help to alleviate Burbank’s supply-demand imbalance – only one apartment project has been built in Burbank in over 20 years, giving Burbank the highest jobs to housing ratio of any city in California.
The development, slated for a former industrial site near the City’s Metrolink commuter rail station, calls for the construction of mid-rise and high-rise structures featuring apartments, a hotel, and retail space.
La Terra Select Burbank would feature seven- and eight-story buildings at the north side of the property, creating apartments, as well as common areas such as a roof terrace, a swimming pool, and ground-floor commercial uses.
Immediately south, a 15-story, the 204-foot tower would contain a 307-key hotel, including guest amenities and multiple food and beverage venues.
The far south end of the nearly 10-acre property a 27,000-square-foot public park, which would feature a synthetic lawn, terrace seating, a children’s playground, and a fitness area.
West Hollywood Project
The second land site is for the development of 71 apartment homes in West Hollywood at 7617 Santa Monica Blvd, West Hollywood, CA. This boutique project will cater to the West Hollywood submarket, with a location that is highly central and walkable to both employment and lifestyle destinations.
The site, the Madison Car Wash, will include 71 apartments among studio, one, and two-bedrooms, atop 9,240 square feet of ground-floor retail space with parking spaces at-grade and in two basement levels.
The exclusive residences will enjoy full amenities building that is 4 stories in height. Construction is planned to be a Type V building with three levels of apartment units above one level of retail and parking with two floors of subterranean parking.
Prospective residents will enjoy 360-degree views of West Hollywood from the rooftop pool. The venture is expected to break ground on the site in 2020.
Will be affordable housing?
The Burbank & West Hollywood Apartments will have some affordable units to their respective communities – 69 homes for Burbank and 11 homes for West Hollywood.
New Trends
Charles Tourtellotte, chief executive officer for LaTerra Development, said that the Burbank and West Hollywood markets exemplify the ‘techtainment’ boom – the intersection of technology and entertainment.
Consistent with LaTerra and QuadReal’s objectives of building sustainable and green communities, the projects will include features such as electric vehicle charging stations, solar panel integration, and participation in the Energy Star program. The Burbank Project will be LEED Gold certified.
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Sources:
https://www.quadreal.com/laterra-development-quadreal-los-angeles-multifamily-joint-venture/
https://labusinessjournal.com/news/2020/jun/15/laterra-sets-250-million-multifamily-joint-venture/
https://urbanize.la/post/mixed-use-development-replace-west-hollywood-car-wash