Snyder Project Fills Media District Need

A $135-million office complex planned for the heart of the city’s Media District will replace a pair of old motels and a deserted restaurant, creating badly needed working space in one of the county’s hottest office neighborhoods.

City officials and real estate analysts are calling the J.H. Snyder Co. project one of the most important local developments in years. When completed in 1999, the three six-story buildings are expected to ease demand for space in the Media District, which now has a vacancy rate under 1%.

“Everybody’s trying to get in there and nobody can fit,” said City Manager Robert R. Ovrom. “It’s the most significant project because it’s in the tightest market.”

The 585,000-square-foot office complex, approved by the City Council last week, is expected to also include a health club, a restaurant and retail shops. It will provide nearly 1,800 underground parking spaces.

The four-acre site is next door to NBC Studios, bordered by Olive Avenue, California Street and the Ventura Freeway. Also nearby are the Warner Bros. and Walt Disney Co. studios.

Commercial real estate experts say demand from the major studios and smaller firms in the entertainment industry continues to outpace available space.

“The market is certainly hopeful that this project will be the exception and commence as planned,” said William R. Boyd Jr., senior vice president of CB Commercial Real Estate Group. “Snyder is well-regarded in the development community.”

Like planned or ongoing expansions by NBC, Warner Bros. and Disney, the new office complex adheres to the city’s Media District Specific Plan, which was designed to regulate growth in the area. There was no public opposition during hearings on the proposal.

Residents, in fact, favored the project over a previously approved plan that eventually died for lack of financing in 1993. The earlier plan, known as the NBC Plaza project, was larger and included office towers 15 and 18 stories high.

“It’s going to really improve that neighborhood,” said Burbank Vice Mayor Bob Kramer. “Vacant lots and two old motels have been sitting there for a long time. It’s going to provide a home for high-paying jobs.”

City officials estimate the project will contribute more than $100,000 a year in sales tax and other fees to the Burbank general fund.

Mayor Bill Wiggins said the project is especially important because the city is now turning businesses away due to the lack of office space.

Developers say they expect to have nearly half the office space leased before they break ground this summer.

Senior partner Jerome H. Snyder declined to identify any prospective tenants, but said: “We’ll have a lot of media-related tenants, absolutely.”