GlenFed Inc. has proposed to build a 20-story office tower on a two-block site in the Glendale Redevelopment Project, city officials revealed this week.
The proposed site adjoins Glendale Federal's corporate headquarters north of the Ventura Freeway and is bounded by Brand Boulevard, Monterey Road, Louise Street and the Verdugo Wash.
Susan Shick, deputy redevelopment director, said the project would include a single 525,000-square-foot office tower, an open plaza and a multilevel parking structure.
The office development, one of the largest proposed for downtown Glendale, would be the latest in a high-rise building boom in the uptown financial district.
GlenFed owns several other office structures in Glendale, including its eight-story, red, white and blue building at 401 N. Brand Blvd, a 28-year-old city landmark.
It owns part of the proposed development site, but so do the city and several private owners. Sierra Land & Livestock offered to build a 12-story office building there more than three years ago, but no action has been taken on the offer, Shick said. A spokeswoman for Sierra Land was not available to comment on the GlenFed proposal.
The Glendale Redevelopment Agency on Tuesday authorized city officials to notify other property owners of Glendale Federal's proposal. Property owners have until Aug. 10 to submit their own ideas for developing the site. The agency action is the first step by which the city can acquire the entire site through eminent domain.
Shick said the "size and potential quality" of Glendale Federal's proposed development "fits well" with the city's goals to encourage high-quality office development in the financial district on North Brand.
In a letter sent last week to city officials, Richard H. Bressler, Glendale Federal's vice president of corporate facilities, said the building "is planned to be a high-quality, Class-A structure." He said the project would be built jointly by the thrift; Lincoln Property, N.C. Inc. of Bellevue, Wash., a national real estate development firm, and a major corporate tenant that has not been identified.
In other action Tuesday, the Glendale City Council unanimously adopted a $206-million budget for 1987-88. The spending plan, which goes into effect July 1, represents an increase of 7.3%.
The approved budget provides for a 10% increase in refuse collection fees, to be used to offset the city's cost of operating the Scholl Canyon Landfill. Monthly rates for residential refuse collection will rise from $5.15 to $5.70. Monthly charges for typical commercial users will jump from $62.05 to $68.25, city officials said. All other utility rates remain the same.
The budget also provides for $18 million in capital improvement projects, including addition of a fourth floor to the Civic Center garage and construction of a new Public Service Building.