The footprint of Old Town Pasadena continues to expand north, as a new residential-retail development rises along Walnut Street.
The $100-million project, a joint venture between Greystar Real Estate Partners and the Canadian developer Ivanhoé Cambridge, will consist of a five-story structure on a previously vacant lot at 25 W. Walnut Street.
According to a 2015 report from Pasadena Now, the completed building will feature 201 apartments - including 30 units of affordable housing - above 10,000 square feet of ground-floor commercial space. Plans call for a mixture of studio, one- and two-bedroom dwellings, ranging between 523 feet and 1,314 feet in size. Communal amenities will include a recreation room, a fitness center, a swimming pool and interior courtyards.
An architectural renderings shows that the building will have a similar look to the adjacent Residence Inn by Marriott, which opened last year.
Though the property is currently isolated from heart of Old Town Pasadena, plans for a mixed-use complex from Lincoln Property Company and AMLI Residential may soon change that. The two developers are planning new offices, apartments and retail space on the large parking lot surrounding the headquarters of the engineering firm Parsons.
Greystar is also active elsewhere in Pasadena, with two buildings now rising near Walnut and Lake Avenue.