Greystar Real Estate Partners and Canadian real estate company Ivanhoé Cambridge are pleased to announce that they are breaking ground on a new mixed-use multifamily and retail development located at 25 W. Walnut in Pasadena, California. A groundbreaking ceremony will be held on Thursday, October 1st at 10:00 a.m. at the site. The new development will feature 201 luxury market-rate and affordable urban apartment homes and 10,000 square feet of ground floor commercial space in a five-story building in Old Pasadena.
”We are thrilled to be part of Old Pasadena. The City has done a world-class job preserving the historic community and we have worked together to create a timeless design that will appeal to both young professionals, as well as empty nesters with strong ties to Pasadena,” said Perry Pound, Managing Director of Development for Greystar. “The project provides a unique opportunity to experience true mixed-use and transit-oriented living.”
Sylvain Fortier, Executive Vice President, Residential, Hotels and Real Estate Investment Funds added: “We are very enthusiastic about 25 W. Walnut, a high-quality mixed-use development with an excellent location and terrific modern features that will contribute to the vitality and the urban experience of Pasadena. We believe the project exemplifies Greystar’s expertise in developing Class A real estate products.”
The new development is walkable to Old Pasadena shops and restaurants along Colorado Boulevard, as well as to the Memorial Park Gold Line stop and employment corridor. The light rail station will provide residents with an easy commute to Downtown Los Angeles. The site is located within a short distance from the 210 Freeway and is a fifteen minute drive to the movie studios clustered around Burbank. “We will invest approximately $100 million and create more than 200 new jobs in the construction of 200 homes for singles, couples, and families, moving residents closer to jobs and to transit, cutting down on traffic and air pollution,” said Pound. “This type of Smart Growth is what we all believe in.”
The apartment homes will offer a variety of studio, one and two-bedroom flats ranging in size from 523 to 1,314 square feet. Thirty of the units are designated as affordable. Interior finishes will include stainless steel appliances, custom kitchen islands with European cabinetry, quartz countertops with under mount sinks, pendant lighting, wood flooring in living areas, and ceramic tile in baths. Apartment homes will feature high ceilings, spacious walk-in closets and large balconies. Amenities will include a recreation room and fitness center, large interior courtyards, a swimming pool, shade structures, storage units, secured bike storage, and a BBQ area with bench seating and tables.
The mixed-use development will feature 10,000 square feet of ground-floor commercial space with ground-floor visibility along West Walnut Street. Greystar has selected Steve Nelson from CB Richard Ellis to market and lease the commercial space for the project.
Construction is expected to be completed in late 2017.
Greystar Real Estate Partners is a fully integrated multifamily company offering expertise in property management, development and investment throughout the United States and abroad. Headquartered in Charleston, SC., and with a local office in Hermosa Beach, CA, Greystar is the largest operator of apartments in the United States and manages approximately 425,000 units in 100+ markets with over 10,000 team members. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class services in the multifamily real estate business. Greystar’s innovative business model integrates the management, development and investment disciplines of the multifamily industry. To learn more about Greystar, visit www.Greystar.com.
About Ivanhoé Cambridge
Ivanhoé Cambridge leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver optimal returns for its investors. Its assets, held through multiple subsidiaries and located mainly in Canada, the United States, Europe, Brazil and Asia, totalled more than Cdn$40 billion as at December 31, 2013. Its portfolio consists mainly of shopping centres, office and multiresidential properties. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada’s leading institutional fund managers. For more information: ivanhoecambridge.com.