California’s real estate market continues to bring a unique set of opportunities and challenges for developers. From new legislation impacting approvals to intriguing market shifts, staying informed is crucial for success.
Below we’ll dive into some of the exciting new developments upcoming in California’s pipeline:
Development Updates in California
LAX Metro Transit Center to Boost Transportation Accessibility
A brand new LAX Metro/Transit Center Station is slated to open in November 2024, becoming a central hub for public transportation. This means a seamless connection for K and C Line Metro riders, as well as bus passengers, all under one roof. This will provide a direct link to the upcoming LAX people mover system (opening in late 2025) and will provide connections directly from the terminals, eliminating the need for taxis or shuttles. This is just the first step, with plans for a future rail line and bus rapid transit on the horizon, making LAX and the surrounding areas more accessible and will lay the infrastructural groundwork for better public transit throughout Los Angeles.
New Studio Complex Underway in Boyle Heights
Construction is underway on a massive 245,000 square foot film and television production complex called East End Studios Mission in Boyle Heights, Los Angeles. The project is expected to create a significant number of jobs, with an estimated 1,500 temporary construction positions and 750 permanent jobs anticipated upon completion in late 2025, East End Studios Mission is poised to be a major economic driver for the area. This marks the second project by East End Studios in Los Angeles County, with other proposals in the pipeline in both Glendale and the Arts District.
Burbank Studios: New Owners Plan Major Expansion
The iconic Burbank Studios complex has been reacquired by Worthe Real Estate Group, QuadReal Property Group and Stockbridge Capital Group. The 27-acre property, once home to NBC Studios and “The Tonight Show,” is undergoing a significant transformation. The new ownership group plans to invest a projected $100 million into building five brand new soundstages, ranging from 18,000 to 20,000 square feet each. These additions will provide much-needed production space for the booming film and television industry in Los Angeles. Interestingly, Warner Bros. Discovery, the previous owner, will remain the primary tenant through a special lease agreement, ensuring continuity for current productions while allowing for the studio’s expansion under new ownership.
