The Valley is Getting the City Treatment. Here's How.
With a spate of new developments and investments taking place in the San Fernando and Conejo valleys, the more suburban areas of LA are changing. That's why we're thrilled to host Bisnow's 3rd annual Future of the Valley, Thursday, Oct. 1, starting at 7:30am.
Among our all-star panelists will be Michael Cusumano, CEO of one of the region's foremost development, acquisition and management firms: Cusumano Real Estate Group. (Above, he's accepting an award from Goodwill Industries on behalf of the Cusumano family.) Michael tells us the family owned and operated company is preparing to launch two major mixed-use projects in Burbank. On deck is the 426k SF Talaria at Burbank in the heart of the Burbank Media District, which is slated to break ground in October. It will have 241 apartment units above a 43k SF Whole Foods Market.
Talaria (3401 West Olive—the project's name translates as "uplifting") will be constructed on 26 separate parcels spanning two blocks, the culmination of a seven-year land consolidation and entitlement process. It will be the first LEED-certified mixed-use project in the City of Burbank as well as the city's largest LEED-certified development.
The company also is entitling The Premier on First, a 400k SF development with office, hotel, residential and retail components in the heart of Downtown Burbank. Michael notes tech and media-related tenants have been the driving force in Burbank and anticipates the office users will come from that world. Additionally, The Premier will include a 14-story, 230-room full-service hotel (think meeting spaces plus restaurants) and 150 high-rise multifamily units, along with 15k SF of retail. Michael expects project approval by year-end 2016. Additionally, the company will begin improvements soon for the Conejo Valley's largest office lease this year—Sage Publications' 100k SF deal at the Conejo Corporate Campus in Thousand Oaks.
But the company's not done there—in the past five years, Cusumano Real Estate Group has acquired 50 investment properties totaling more than 1M SF of predominantly multifamily and triple-net retail assets. Born and raised in Burbank, Michael lives in Malibu with wife Caroline, a Pac 10 swimming champ in college who still participates in triathlons. When Michael wants to get away from the daily grind of real estate, he steps into a boxing ring. Michael got into the sport about 10 years ago. "It takes your mind off of all your business deals when you're trying to avoid getting hit in the nose." Hear more from Michael and the rest of our panelists at Bisnow's 3rd annual Future of the Valley, Thursday, Oct. 1, starting at 7:30am. Sign up here!
