The Glendale City Council voted 4-1 Tuesday to give design approval for a $105 million mixed-use development in the city’s downtown.
The 489-unit project was pitched by Century West Partners in Los Angeles, founded by Steven Fifield, founder of Fifield Cos. of Chicago, and Michael Sorochinsky, founder of Cypress Equity Investments, an L.A. real estate investment firm.
The complex of four buildings is planned for an entire city block at Central and Lexington avenues owned by Citigroup Inc. All existing structures on the 3.2-acre property, which includes an office building that houses 300 Citigroup employees, would be demolished.
Councilman Ara Najarian, who has been concerned about the amount of development in Glendale’s downtown, was the sole dissenter.
The buildings will top out at six stories and 76 feet. The proposal includes about 8,100-suare-feet of commercial space, some of which will be occupied by a Citibank branch at the corner of Central and Lexington.
The project meets guidelines in the city’s Downtown Specific Plan, so with design approval, the developer can begin seeking building permits, which could take several years.
This is the second proposal for the site. Amidi Group in Redwood City received preliminary approval for 535 apartments last October, but the company never closed on the land after receiving initial design approval.
The project is scheduled to be built in two phases, with the first delivering two buildings of 276 units and about 6,600 square feet of commercial space. The entire project will have 740 parking spaces at grade and in a two-level parking garage.
Century West Partners has built several upscale multifamily projects in Los Angeles. Earlier this year, it completed the first phase of its $220 million Avant apartment building on Figueroa and Flower streets. The 443-unit project is a joint partnership with Fifield Cos.
Fifield Cos. has built some of the most luxurious properties in Los Angeles, including the Californian, a 74-unit condo tower at 10808 Wilshire Blvd. It also started the Beverly West condo tower in West Los Angeles before selling it to a Dubai firm in 2007.