Greystar and Ivanhoé Cambridge Jump Start Construction on 173-Unit New Mixed Use Community

Greystar and Ivanhoé Cambridge Jump Start Construction on 173-Unit New Mixed Use Community

PASADENA, CA - Greystar Real Estate Partners and Canadian real estate company Ivanhoé Cambridge have begun construction on their newest mixed-use development in Pasadena, California.

The new development located at 788 E Walnut St. in the Pasadena Playhouse District will feature 173 apartment homes and 11,000 square feet of retail space in ground floor of the two five-story buildings. A groundbreaking ceremony to commemorate the start of construction on the community will be held at 2:30 p.m. on Wednesday at the construction site.

”The City has always done a fantastic job preserving the character of Pasadena,” said Perry Pound, managing director of development for Greystar. “We have worked together to create a modern, yet timeless design that will appeal to a broad demographic of renters from young professionals to baby boomers. The Hudson 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 for Ivanhoé Cambridge added: “We are very enthusiastic about The Hudson, a high-quality mixed-use development with an excellent location and terrific modern features will contribute to the vitality and the urban experience of Pasadena. We believe The Hudson exemplifies Greystar’s expertise in developing Class A real estate products.&rdquo

The Hudson is strategically located near the Lake Light Rail Station, providing residents with an easy commute to Downtown Los Angeles, and the rest of Pasadena. The site is also located near the 210 Freeway and is a 15-minute drive to the entertainment studios and offices clustered around Glendale and Burbank. Renter’s seeking walkable neighborhood access, can easily access a variety of retail shops and restaurants along Colorado Boulevard, as well as to the Lake Avenue Gold Line stop and employment corridor.

“We will invest more than $75 million and create more than 200 new jobs during the construction of 173 homes for singles, couples and families, moving residents closer to jobs and to transit,” Pound said. “This is the type of smart growth we all believe in because it helps The City of Pasadena and its residents take another step toward reducing traffic, cutting down on air pollution and creating a pedestrian-friendly lifestyle.”

The Pasadena apartments will offer a variety of studio, one- and two-bedroom flats, and two-bedroom townhouse floor plans ranging in size from 547 to 1,540 square feet. 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 nine- to 11-foot ceilings, spacious walk-in closets and large balconies. Common area amenities planned for The Hudson include a recreation room and fitness center, large interior courtyards, swimming pools, shade structures, storage units, secured bike storage, and a barbecue area with bench seating and tables.

The mixed-use development will feature 11,000 square feet of ground-floor retail space with excellent pedestrian and automobile visibility along Walnut Street. Greystar has partnered with Steve Nelson from CB Richard Ellis to market and lease the commercial space for the project.

Construction is expected to be completed in Fall 2016.

Source: Greystar Real Estate Partners / #Apartments #Multifamily

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