Another flat lot along a major Glendale boulevard will be developed into a multistory, mixed-use development, adding to traffic congestion in the south part of Glendale.
The Triangle Project, a five-story, 218-unit complex with 54,000 feet of ground floor retail space, is “expected to generate a one-time payment of $760,000 to the city for park development and an additional $210,000 in annual revenue for parks and libraries within the San Fernando Road redevelopment zone,” according to today’s Glendale News Press cover story. The developer will also be paying the city $3.2 million in lieu of providing affordable housing in the project.
The $3.2 million is a good deal, especially since 218 units added to Glendale’s apartment inventory will exert downward pressure on rents anyway! New condos built on the east side of Brand Blvd. and new condo developments in surrounding cities are being converted to apartments due to the real estate crash. Rent-control advocates should be pleased.
The city is fortunate to have a revenue-boosting construction project like this going forward at such a difficult time. However, the beneficial gain in construction jobs is temporary, and the projection for a large number of new retail jobs is questionable. Who is opening new retail establishments right now? Retail sales are likely to shrink as a proportion of our local, state, and national economy for quite some time. The city can’t count on sales tax revenues just because new space is being built. Empty ground floor spaces have the potential to blight the area.
Also offsetting the clear gains to the city is the increased traffic congestion in the Glendale/Atwater area. Flat, spacious, single-level commercial lots with ample parking are grandfathered traffic and parking relief valves for our era. Each one lost frustrates those already doing business in the area.