LaTerra Development’s New Project in Burbank
Introduction to the Project
An iconic site of a crashed UFO in Burbank is being replaced by nearly 900 homes. LaTerra Development has bulldozed the former Fry’s Electronics building at 2311 Hollywood Way, whose alien spaceship lodged over its front door will be replaced by 862 apartments, Urbanize Los Angeles and NBC4 Los Angeles reported.
The Marina del Rey-based developer just demolished the building south of Hollywood Burbank Airport to clear the way for Burbank Aero Crossings, approved by the City of Burbank in 2021 when the Fry’s chain went out of business.
The Former Fry’s Electronics Building
The Fry’s at Hollywood Way and Vanowen, which opened in 1995, was known for the giant flying saucer as well as alien creatures hovering inside the big-box store. Plans for the 8-acre site call for two seven-story buildings with 862 apartments above 9,700 square feet of ground-floor shops and restaurants around a central parking garage for 1,600 cars, with two rooftop swimming pool decks.
Design and Features of the New Complex
The gray, charcoal and brown complex, designed by Los Angeles-based TCA Architects, will have exterior balconies and broad eaves, looking out onto a landscaped courtyard, according to renderings. The project was approved for 152,000 square feet of offices. It’s not clear how many affordable apartments, if any, will be included in the project.
Development Details
A cost and timeline for the development, once slated to break ground in 2023, were not disclosed. Aero Crossings is the second large development for LaTerra in Burbank, behind a 573-unit project once slated to break ground last year at 777 North Front Street, by the Downtown Burbank Metrolink Station near the airport.
LaTerra’s Investment in Burbank
LaTerra bought the land for the complex in 2021 for $40 million as part of its $250 million plan to build multifamily projects across Los Angeles. It then took out a $198.5 million construction loan from BMO Harris Bank and Citizens. Plans there call for 573 apartments and a 307-room hotel, with 1,100 square feet of shops and a 28,000-square-foot park. It’s not clear when the project will move forward.
Other Developments in the Area
The Fry’s chain, which went out of business in 2021, left behind prime real estate at several locations in Southern California. A former Fry’s at 6100 Canoga Avenue in Woodland Hills is targeted for a 1.1-million-square-foot hotel and apartment complex, according to Urbanize.
Read More
Read more
Burbank approves mixed-use plan for former big-box retail
LaTerra closes $40M dirt deal for big Burbank project
LaTerra gets $198.5M to finance Burbank apartments
Conclusion
The development of the former Fry’s Electronics site in Burbank by LaTerra marks a significant change in the area’s landscape, replacing an iconic landmark with a large residential complex. While the project promises to bring new housing and amenities to the area, it also raises questions about the inclusion of affordable housing and the impact on the local community.
FAQs
Q: What is being built on the former Fry’s Electronics site in Burbank?
A: LaTerra Development is building a residential complex with 862 apartments, ground-floor shops and restaurants, and a central parking garage.
Q: What happened to the iconic flying saucer at the former Fry’s Electronics building?
A: The flying saucer, a distinctive feature of the building, will be removed as part of the demolition and redevelopment of the site.
Q: How many affordable apartments will be included in the project?
A: It is not clear how many affordable apartments, if any, will be included in the project.
Q: What is the timeline for the completion of the project?
A: A timeline for the development was not disclosed, although it was initially slated to break ground in 2023.
