Los Angeles-based developer APPA Real Estate has acquired an entitled property in unincorporated East Pasadena, with the intention of developing the property with a mixed-use apartment complex.
The .75-acre site, located at 3768 E. Colorado Boulevard, is slated for the construction of a five-story edifice featuring 100 rental apartments - including five affordable units - with 5,800 square feet of ground-floor commercial space, two levels of subterranean parking, and amenities such as a gym, co-working space, courtyards, and rooftop decks.
KFA Architecture designed the podium-type building, which will feature four levels of wood-frame construction above a concrete base. The 114,000-square-foot development will feature angled roof lines, to "reflect the residential character" of the surrounding community.
APPA purchased the development site from Bolour Associates, Inc. for approximately $8.5 million. APPA and Bolour worked to entitle the property over approximately three years between 2015 and 2018.
The proposed project is slated to be the first built in Los Angeles County under its updated mixed-use development zoning, which supports high-density construction near Metro Rail stations. The 3768 Colorado property is located less than a mile east of Metro's Sierra Madre Villa Station.
“Our project was the first to go through the County’s new zoning code,” said BOLOUR CEO Mark Bolour in a news release. “It reflects our commitment to strong local relationships and showcases our ability to identify underutilized land and support creative future development that others might overlook.”
APPA expects to break ground on its project in early 2020. Completion is anticipated in mid-2022.
APPA is not the only investor targeting properties in the near vicinity. Just west of Sierra Madre Villa Station in Pasadena city limits, another mixed-use project is also in the works. High Street Residential, the multifamily development affiliate of Trammell Crow Company, has secured entitlements for the construction of multiple buildings containing 550 apartments and 9,800 square feet of retail at 3200 Foothill Boulevard.
