The property that Entertainment Properties Trust acquired is the first phase of a two-phase development. In addition to the 16-screen, 4,200-seat stadium seat megaplex operated by AMC, other tenants in Phase I include Chipotle Mexican Grill, Macaroni Grill, Coldstone Creamery, Subway and Nextel Communications.AMC developed the first stage of the project, which it completed in the summer of 2003. AMC then named Los Angeles-based Champion Development as developer of Phase II.
The second phase, near Magnolia and San Fernando boulevards, will occupy a two-acre parcel where Champion will develop 118 condominiums including 60 live-work lofts and 15 affordable housing units, with 50,000 sf of retail and restaurant space. The project, which Champion expects to begin building in the fall, will include a new 731-space parking structure for use by the residents, retail shoppers and the general public use. Upon its completion, Champion will sell the public parking component to the city for one dollar, notes Robert Champion.
David Brain, CEO of Entertainment Properties Trust, says the acquisition of Phase I of the Burbank development follows the REIT's strategy of purchasing "market-dominant properties that significantly outperform the industry average." Burbank's redevelopment agency has said that the project overall will consist of 209,012 gross sf, including a pedestrian plaza on Palm Avenue between San Fernando Boulevard and First Street and 885 spaces for free parking in two new multi-level parking structures.
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