Burbank Issues Revenue Bonds for 400 Apartments

The Burbank Redevelopment Agency has issued $36 million in variable-rate demand multi-family housing revenue bonds for construction of a 400-unit rental complex developed by CoastFed Properties.

The bond issue is the first by the city and will be used to finance the largest multi-family complex there in recent history.

Designed by Michael Ishikawa, the project will consist of five separate buildings on two full blocks, or about 6.8 acres, at 3rd Street and Verdugo Avenue, within the City Centre Redevelopment Project.

Alan Casden, chairman of CoastFed, expects construction to begin next summer.