As San Fernando Valley Gains Cachet, Developers Are Taking Note
The San Fernando Valley has become increasingly known as the home of the Kardashians, professional athletes and entertainers.
As a result, it is becoming a hotbed for developers.
New projects, including Cypress Equity Investments' Next on Lex, are promising to bring more residents to the area.
Next on Lex is a transit-oriented development in Glendale, featuring 494 luxury apartments and 8K SF of retail, according to Cypress Equity Investments CEO Michael Sorochinsky.
"As an urban developer, we are always striving to build high-quality projects in great locations," Sorochinsky said. "We created a mixed-use, multifamily development with upscale finishes and luxury amenities, including outdoor living areas, pools and multiple sun decks."
The project is expected to deliver early next year.
CTRL Collective Chief Operations Officer Taleia Mueller said she thinks the Valley has a lot to offer that cannot be found in other parts of the city.
"People define Hollywood by the entertainment industry, but Burbank is home to some of the majors, such as Disney and WB, and why?" she said. "The value and quality of life have a much different feel, you have more space, people are not stacked on top of one another. It still has the element of feeling like you are in the city but creates a much less-condensed version."
LocalConstructs co-founder Casey Lynch said areas like Eagle Rock and Northeast LA also have been more active within the past couple of years.
This has been driven by a macro-trend of urbanization hitting historically overlooked submarkets that are being redeveloped because of their proximity to urban centers like DTLA, Lynch said.
Hear more from Sorochinsky, Mueller, Lynch, Pasadena Mayor Terry Tornek and others at the Bisnow Future of the Valley event Sept. 19 at the Hilton LA North/Glendale.
