Los Angeles-based real estate investor Panoptic Development has acquired an entitled property in Pasadena, and intends to break ground on a new apartment complex in the first quarter of 2019. 

The proposed development, which would rise at 417-419 N. Madison Avenue, is known as the Madison Grove Apartments.  Plans call for a 42,000-square-foot building featuring 35 residential units, all of which would feature two-bedroom floor plans between 1,000 and 1,777 square feet in size.  

The project, which is inspired by surrounding Mission Revival architecture and bungalow courts, was designed by Onyx Architects.  Renderings depict a three-story edifice featuring a central 5,244-square-foot garden area. 

The building will be seated atop a one-level subterranean parking structure with 65 vehicle stalls.

Panoptic will develop the Madison Grove Apartments in partnership with IMG Construction.

The company is also behind plans for a similar development in Warner Center.