APPA Real Estate has broken ground on a mixed-use housing development in unincorporated East Pasadena, the company announced this week.
The project - a joint venture with Sundance Bay and Geolo Capital - will rise from a .75-acre property at 3768 E. Colorado Boulevard. Plans call for a five-story edifice containing 100 apartments - including five affordable units - above 4,500 square feet of ground-floor retail space and two levels of subterranean parking.
KFA Architecture is designing the contemporary podium-type building, which will include a gym, co-working space, courtyards, and rooftop decks for use by residents.
The project site, which APPA acquired last year for $8.5 million, was entitled over an approximately three-year period between 2015 and 2018. The project is likely to be the first new development built in Los Angeles County using its updated mixed-use zoning.
The apartment complex, which is funded by an approximately $32-million loan, is expected to be completed in mid-2022.
Other developments planned in the near vicinity include a 550-unit housing complex which would rise less than one mile east on a site which abuts Metro's Sierra Madre Villa Station.