Monday, October 24, 2011

Last Piece of Open Land in Downtown Glendale For Sale*

Downtown Glendale's last piece of open land is for sale - the proposed City Center II site at Brand and Wilson.  I posted about the site previously here.  City Center I is the skycraper on the same block at Brand Broadway.  As I understand it, City Center II was supposed to be built just after City Center I, but the early 90's recession hit.  A few years ago The Amidi Real Estate Group was, again, going to build City Center II - and our current recession hit!  So the one of the best located spots in downtown Glendale remains a weedy, empty lot surrounded by a chain link fence and the only use it ever sees is as a staging area for film shoots in the area.

From the press release I found announcing the sale:
Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has retained the exclusive listing for City Center II, a 1.38-acre development site located at the corner of Wilson Avenue and Brand Boulevard in downtown Glendale. The property is being offered as an open bid.
Ron Harris, an executive vice president investments, and associate directors Paul Darrow and Joseph Smolen are representing the seller.
“City Center II is located in a true infill location two blocks from the The Americana at Brand lifestyle center, the Glendale Galleria and dozens of local stores and restaurants along Brand Boulevard,” says Darrow. “The site is currently entitled for the construction an 18-story tower and a 20-story tower that combine for a total of 184 condominium units and 172 hotel rooms.”
Although the current entitlements are being evaluated by a number of developers, many prospective buyers are considering re-entitling the site for a lower density mid-rise concept consisting of apartments over retail.
“The multifamily rental market has gained significant momentum, both in operations and values,” adds Harris. “Many developers are indicating that they find a mid-rise concept to be a more cost-efficient approach that will be better suited to current market conditions.” 

 My previous post on City Center II.

*Updated: new post showing what used to be at the southwest corner of Brand and Wilson-

No comments: