Valley Newsletter_ October 2019

area newsletter OCTOBER 2019 • THE VALLEY

20 19

Community News Multipurpose Burbank Complex Retail Portion Sells for $27 million

in the San Fernando Valley intended for homeless families, veterans, youth, and domestic violence victims.

The large sum of money will go towards more than 580 low income units aimed at helping the homeless population of San Fernando Valley, a majority of the projects proposed are east of the 405 freeway. A total of 34 housing projects (more than 2,000 units) are proposed across the city. This project will include onsite services to increase the likelihood that those who have been homeless stay housed. The developers for the projects sought funding from the 1.2 billion bond measure proposition HHH. The San Fernando Valley projects include a proposition in which the developer is promising to renovate existing motels, the Palm Tree

A mixed-use development in Burbank housing a Yard House restaurant and condos, known as the retail portion of the Burbank Collection has sold for $26.8 million to an unnamed buyer. The company purchased the property’s retail portion in 2013 for $12.8 million.

Inn in North Hills, and Studio 6 in Van Nuys all into apartment complexes. The construction is set to begin in 2020.

Canadian Developer Eyes

Built in 2008, the beautiful multi-use complex features 39,400 square feet of retail space at ground level, and 118 condominium units on upper floors. Renovating the complex cost $3 million. Approvals were also obtained from the city of Burbank to remove the cap on food and beverage establishments in the building. The retail portion of the building is almost entirely leased to tenants such as the Boiling Crab, Panera Bread, and other retailers.

$62 million in homeless housing money As many of us know, the homelessness crisis in Los Angeles has been exacerbating. Thus, Los Angeles leaders are set to vote on more than $62 million in Proposition HHH funds for nine residential projects

857-Key Hotel in Glendale According to a recent news article, a Vancouver based real estate group has proposed an 857-room hotel for downtown Glendale. Before proposing a hotel at the site, the developer considered building a 600-unit apartment complex in this location. The Canadian developer recently built apartment towers

Community News announced that his latest project will be constructed as a pair of buildings, around a midrise, 1970s built office tower. The hotel features an additional 7,500 square feet of retail and restaurant space. Currently, the hotel is going through the design review stage. The hotel towers would likely become the largest hotel in Glendale if the project proceeds: outpacing the 173-room Hyatt Place on Wilson Ave, the 145-suite Residence Inn on Louise St, and the 85-key Aloft on Brand Blvd.

52-unit Apartment Building Coming to Mission Hills

According to an Urbanize LA report, the Los Angeles City Planning Commission has approved plans for a 52 one-and two-bedroom apartments in Mission Hills. The four-story structure will include seven lowincome units and will provide 77 parking spaces.

The low-rise structure will be stucco and concrete according to architectural plans. The Bermuda Apartments, developed by the Ackerman Family Trust will take 21 months to complete. The project will be constructed near the southwest corner of Sepulveda Boulevard and Bermuda Street, including

ground level parking for 77 vehicles. Construction is expected to begin in the following year.

Why are San Fernando Valley home prices continuing to climb The median sale price for single family homes was $735,000, that is $13,000 higher than the previous record of $722,000 set in June. Low-and-medium priced homes are going out the door rapidly.

Despite the declining interest rates, home prices continue to rise. This can be attributed to the lack of inventory pushing prices upward which limits buyer options. From a year ago, the active list of home and condos for sale is down 5.7% throughout the area. After a year of increase in homes for sale, the past two months have seen a consecutive fall.

A factor keeping prices high could be a generation of homeowners unwilling to sell, once the baby boomers sell a rise in inventory is expected.

Restaurant

Spotlight

Sako's Mediterranean Cuisine

Saffron Mediterranean Kitchen

6736 Corbine Ave. Reseda

7600 Balboa Blvd.

Lake Balboa

Asanebo 11941 Ventura Blvd.

Studio City

Like most sushi restaurants in Studio City, Asanebo is located in a nondescript strip mall on Ventura Boulevard. Inside the warm, comforting dining room, you’ll find both traditional and innovative, fusion-style Japanese cuisine, where the omakase, or chef’s choice, is recommended. Thankfully, there are three different tiers so there’s some flexibility. Named the 2014 Zagat Guide’s top food pick in Los Angeles, Asanebo is a dining gem that’s not to be missed.

You don’t visit Sako’s Mediterranean Cuisine in Reseda for the decor, but for their outstanding Armenian dishes. Open since 2002, Sako’s has the same name as it did upon opening, although its current owners, John and Ani Panosian, have owned the restaurant since about 2006.

Of course, you’ll also find standbys like hummus, baba ghanouj and tabouleh on the menu – all served with warm pitas – but adventurers will love the Mediterranean spice treasure hunt all the way down the menu.

Saffron serves up fast-casual Mediterranean fare. Diners can build their own pita sandwiches, tacos, or salad bowls with chicken, beef, or falafel.

For a meal experience that is sure to invigorate the senses, Saffron is worth the trek to Lake Balboa.

SIGHTS & SOUNDS in LOS ANGELES

LACMA

Grammy Museum

5905 WILSHIRE BLVD. Los Angeles, CA 90036

800 W. Olympic Blvd.

Los Angeles, CA 90015

J. Paul Getty Museum 1200 Getty Center Drive Los Angeles, CA 90049

CURRENT EXHIBITION:

CURRENT EXHIBITION:

CURRENT EXHIBITION:

Mary Corse: A Survey in Light July 28 - November 11, 2019

Take Me Out To The Ball Game: Popular Music and the National Pastime March 14, 2019 - Fall 2019

Eighteenth-Century Pastel Portraits August 28, 2018 – October 13, 2019

Mary Corse’s first solo museum survey is a long overdue examination of this singular artist’s career. Initially trained as an abstract painter, Corse emerged in the mid-1960s as one of the few women associated with the West Coast Light and Space movement. She shared with her contemporaries a deep fascination with perception and with the possibility that light itself could serve as both subject and material of art.

This exhibition explores the convergence of two powerful threads of American pop culture, baseball and music. Focused on songs written about the game, and how music is played in stadiums, the exhibit features sheet music, handwritten lyrics, and even the microphone that Harry Caray used to sing during the 7th inning stretch.

Celebrating a medium that is often overlooked in other time periods, this exhibit delves into the favored form of portraiture in late 18th century Europe. Pastels allowed the artist to create classically beautiful works without the arduous process that oil painting often requires. This flexibility coincided with the growing class of people who patronized portrait artists, creating a unique body of work that represented both an evolving craft and an evolving society.

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