The second phase of First Street Village in Burbank, California has been completed. The project is a modern, three-phase mixed-use apartment community located at the intersection of First Street, and Magnolia Boulevard in the city’s downtown.
The property is located on more than three acres and totals 275 units with 18k sf of ground floor retail space built. Phase One attracted three new retail tenants to downtown including Flow Wine Bar, Hardcore Fitness, and Hollywood Pet Grooming Pet Store. Phase Two has announced a lease with High Impact Pilates and is in negotiations for the remaining retail spaces.
“The immediate leasing success of First Street Village reflects the pent-up demand for new housing in downtown Burbank,” said First Street Village Developer Tim Behunin.
The first phase of the community is 95% occupied. The apartment community also includes 24 affordable housing units and benefits from wide sidewalks that allow for outstanding outdoor dining opportunities, built in bike lanes and a paseo featuring a unique water feature offering a relaxed setting for residents and visitors.
“We had incredible demand for the ground floor retail spaces. These new retailers create a great walkable addition and amenity base for the apartment residents and surrounding neighborhood. With the addition of new housing, Downtown Burbank has truly evolved into a dynamic live-work-play community,” commented Christopher Baer, principal, Avison Young and leasing agent for First Street Village’s retail segment.
First Street Village represents the largest mixed-use development in Downtown Burbank since 2005. It is conveniently located in an urban walkable neighborhood within half a block of Burbank’s Metro rail station and across the street from AMC 16, one of the top three grossing AMC movie theatres globally.
Downtown Burbank is a thriving urban neighborhood, attracting 4.1 million visitors annually. Its central location in the heart of Downtown Burbank provides easy access to the I-5, 134 and 101 Freeways. All told, First Street Village represents the city’s increased focus on adding housing to the Downtown to support a healthy job to housing ratio.
In addition to First Street Village, Downtown Burbank will add a multifamily mixed-use development by LaTerra Development that features 573 under construction housing units adjacent to a 307-room hotel. LaTerra is set to open January 2025.
