Zelman President Ben Reiling tells GlobeSt.com that the new park will consist of 11 warehouse, manufacturing and flex-space buildings and will have a total value of about $50 million. Clearance and cleanup of the 32-acre A-1 North site occupied by Lockheed Martin adjacent to the Burbank Airport is expected to be completed by the beginning of next year, according to Robert M. Tague, Burbank's community development director.

Demolition and cleanup includes ridding the site of any toxic chemicals, Tague adds. The parcel was used to manufacture the P-3 Orion aircraft, as well as the L-1011 jetliner. It was also the original home of Lockheed's legendary Skunk Works, where many military aircraft were developed.

Lockheed Corp. came to Burbank in 1928 and at its peak employed almost 100,000 workers. Lockheed merged in 1995 with Martin Marietta Corp. to form Lockheed Martin. Over the past decade, just over 300 acres once owned by the aerospace firm have been cleared for new developments, Tague says.