LOS ANGELES — The Bob Hope Airport in Burbank plans to sale a 59-acre parcel upon which a replacement terminal was originally proposed.
CBRE, an international brokerage firm, was hired to market the property for sale by the Burbank-Glendale-Pasadena Airport Authority.
The 59-acre "Trust Property" is located next to the Burbank Bob Hope Airport, west of Hollywood Way and south of San Fernando Road.
"The Authority is confident that CBRE will do an excellent job of marketing this property and that it will draw considerable interest in the coming months," said Steve Madison, the authority's president in a prepared statement on Tuesday.
The property is one of the largest available transit oriented development sites in Southern California, according to CBRE.
"It is located in a highly desirable market that will attract quality tenants and is suited for a variety of uses, including, but not limited to, Class A office and state-of-the-art industrial," CBRE said.
In addition to location next to the Burbank airport, the site is near the public transit routes of Metrolink, Amtrak, Metro Rail, Metro Bus and BurbankBus, the proposed California high-speed rail service, and multiple freeways.
The airport authority acquired the land in 1999 as part of a plan to replace a passenger terminal. It was placed in trust pending the outcome of discussions between the Authority and the city of Burbank. The Authority will retain a 49-acre parcel adjacent parcel for potential use as a replacement 14-gate terminal site.
An escrow and trust agreement the authority and the city prompted the sale. The agreement stipulated that the property must be sold if the two parties had not arrived at an agreement on how the property was to be used by March 15 of this year. Following the completion of the sale, the Authority will have no ownership interest in the Trust Property.
Both parties concluded the Trust Property was not required for a replacement terminal, according to CBRE.