Media VillageA vertically
integrated, family-owned development company that offers design,
development, construction, and real estate management services
undertook the redevelopment of a distressed, but centrally located and
desirable, parcel in downtown Burbank, California, and built a
mid-rise,
mixed-use
project on its 2.5 acres. The deteriorating site had been purchased and
designated for redevelopment by the Burbank Redevelopment Agency (BRA),
which also established development of affordable senior housing as a
condition for applicants seeking development rights. Uses now include a
parking area on three interior levels; ground-level retail, restaurant,
and office space; and 147 units of affordable housing for seniors on
three stories above. The project was partially financed with
tax-exempt bonds issued by the BRA.
Image and case study courtesy of
Urban Land Institute Development Case Studies.
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