Gateway Center Gets Final Approval
The Burbank City Council has given final approval to a developer’s plan to build a massive retail and office complex on 41-acres of downtown redevelopment property, with grading expected to begin this week.
The council voted 4 to 0 to approve a long-term land lease agreement with Alexander Haagen Co., which plans to build the $250-million Burbank Gateway Center. About 60 onlookers in the council chambers applauded the vote.
“We’ve got an excited citizenry in Burbank who have waited for 12 or 15 years for just this kind of a project,” Mayor Robert R. Bowne said.
Under the agreement, the city will lease the downtown property to Haagen for 55 years, with four 10-year options to extend the lease to 95 years in exchange for half the development’s profits.
The 2.5 million-square-foot complex, at Magnolia and Burbank boulevards near the Golden State Freeway, will include an enclosed three-level shopping mall with four office towers and a hotel.
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