Home RSS
Real Estate
Cars

Burbank moves to keep IKEA in the city

Los Angeles Times
The Swedish furniture retailer is a huge revenue generator for Burbank, but executives say the store has outgrown its current location. (Raul Roa, Los Angeles Times / November 5, 2012)

The Swedish furniture retailer is a huge revenue generator for Burbank, but executives say the store has outgrown its current location. (Raul Roa, Los Angeles Times / November 5, 2012)


Burbank has initiated a series of funding proposals and a possible land deal that would allow IKEA — a top sales-tax revenue generator — to remain in the city and expand.



The Swedish furniture retailer, a retail powerhouse in Burbank for more than two decades, has outgrown its building and has been looking for about a decade to expand its operations, company spokesman Joseph Roth said.

"Parking is challenging, the loading zone is challenging, the store itself is too small," he said.

The retailer already has its eye on a property at 805 S. San Fernando Blvd. that is twice the size, but it's occupied by Western Studio Service and a number of office tenants.

The owners of Crown Realty and Development are willing to sell the property to the retailer provided it can acquire the current IKEA building.

"We are very excited about this opportunity and are optimistic about staying in Burbank for the long term," Roth said. "At this point, we haven't committed to anything yet."

But any move within the city poses a challenge.

After redevelopment agencies were dissolved statewide, Burbank was left with roughly $42.7 million in unpaid redevelopment-related loans and obligations.


Source








 
_________________________________________________________________________
 
Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.