Land Sale for Burbank Housing Project OKd

The Burbank Redevelopment Agency on Tuesday formally approved the sale of a seven-acre site downtown for the development of a three-story apartment project for senior citizens.

The 400-unit project will be built on a site bounded by 3rd Street, Angeleno Avenue, Verdugo Avenue and the Golden Mall. The city has sought to develop the site for several years.

The project, which will be built by the Beverly Hills-based Casden Co., will be financed by a $40-million tax-exempt bond issue. Construction is to start early next year. Completion is expected within two years.