San Fernando Valley : Developer Hopes to Lure Media Giants
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The recently announced mergers of Disney with ABC and Westinghouse with CBS could signal an end to the slump in new office construction in Glendale--at least that’s what one developer hopes.
A two-ton wrecking ball Thursday began clearing the site for what will be the first major office building project in the area since 1991.
K. Young, a South Korean developer, plans to build an 18-story, 406,000-square-foot, $100-million office project called Palladian Tower on North Central Avenue overlooking the Ventura Freeway.
“What with the mergers of CBS and Westinghouse and of Disney and ABC, there’s going to be a tremendous need for new office space in this area,” said Marlene Roth, a consultant to Young. “They feel that if this building gets built, they can capitalize on some of that activity.”
Glendale experienced an office building boom in the mid-1980s as high rises sprung up in the downtown redevelopment area. Then construction ground to a halt in the early 1990s as vacancy rates increased. But the developer is confident that the office market has regained strength, Roth said.
Construction on the Central Avenue site is expected to start in January and take 18 months. The developer hopes to open the building by fall, 1997
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