The project, which will include 54,000 square feet of ground retail space and three levels of underground parking, is expected to generate a one-time payment of $760,000 to the city for park development and an additional $210,000 in annual revenue for parks and libraries within the San Fernando Road redevelopment zone.
The developer, Equity Residential LLC, will pay the city an additional $3.2 million in lieu of incorporating affordable housing into the project as part of the agreement.
The sheer magnitude of the block-encompassing project was made even more stark given the relative absence of any new major developments coming into the city as the recession continues to render construction financing nearly impossible.
“There was a time when I thought this project would not succeed,” said Dan Golovato, first vice president of Equity Residential.
City Council members lauded the project for not only braving the harsh economic climate, but for incorporating “significant” design elements in a part of the city that has long been associated with drab industrial and commercial storefronts.
“This will vitalize and uplift an area of the city that desperately needs it,” Mayor John Drayman said.
The project’s location puts it in the unique position of straddling two major gateways into Glendale from Atwater Village.
Those coming in on Los Feliz Road will be greeted with a large white box structure that will appear to be “suspended” atop the modern-styled building.
Those entering Glendale up from San Fernando Road will be met with a dramatic wedge as the building narrows with the block to end at the South Central Avenue intersection.
