LA's Tri-Cities Appear Poised For Success
Development in Burbank, Glendale and Pasadena is benefitting from strong employment, millennial demand for urban living and a thriving medical industry, according to the speakers at our recent Future of the Tri-Cities event in Los Angeles.
Disney's relationship with Burbank and Glendale is a plus for the area, according to DreamWorks global workplace services expert Darren Osti.
Pasadena in particular is a special place, according to Mayor Terry Tornek. There is a lot of multifamily development in Pasadena now and tremendous growth where restaurants and hotels are concerned, he said.
"I think we have more restaurants per capita than any city in the country with the possible exception of Boulder," Tornek said.
He also said the medical industry is alive and well in the area with the presence of Kaiser Permanente's Southern California HQ and its new medical school, which is under construction.
Younger people, including millennials, are going to the area because they can have a better quality of life, CTRL Collective Chief Operating Officer Taleia Mueller said.
"Pasadena for me was a town with sophistication and charm and good food," Mueller said.
Since then, she has found it to have a lot of exciting aspects.
For millennials, it is about experiences and walkability.
Osti said two things cities should focus on to attract people are accessibility and public spaces, including parks.
The employment base is also excellent in Burbank, Glendale and Pasadena.
"In Burbank, for example, there are about twice as many jobs as there are residents," Cusumano Real Estate Group CEO Michael Cusumano said.
This bodes well for the demand for multifamily housing, he said.
Cypress Equity Investments is developing the 494-unit Next on Lex project in Glendale.
The company saw there was enough demand for the market to justify bringing in that number of units, Cypress Equity Investments Chief Financial Officer Alla Sorochinsky said.
Another big boost to the area has been Caruso CEO Rick Caruso's The Americana at Brand, allowing locals to be able to walk to the movies and shopping, according to Sorochinsky.
CORRECTION, OCT. 3, 9:35 P.M. PT: A previous version of this story misidentified Caruso's The Americana at Brand complex. The story has been updated.
