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Developer James Li is proposing a 196K square foot property that has garnered local support. 

Potential Pasadena Mixed-Use Project Would Include 100 Residential Units

A Pasadena developer’s plan to build a large mixed-use complex with a 100-unit residential component is getting strong support from City Hall.

James Li, via Colorado Holdings LLC, wants to demolish a two-story office building at 150 E. Colorado Boulevard in order to construct a 196,000-square-foot building, according to the Pasadena Star-News. The proposal would make about a quarter of the total space — about 50,000 square feet — commercial.

Local officials support Li’s plan to build in the Art Deco style and replace what the Star-News called a “derided boxy black office” with a Steinway Piano gallery on its ground floor. The new structure would range from from two to eight stories and including open pedestrian pathways.

“I think this will be one of the most dramatic additions to downtown,” Pasadena Mayor Terry Tornek said.

Li is the CEO of Shanghai banking firm E.J. McKay & Co., and is an active developer in Pasadena. He is also proposing a 115 unit mixed-use project at 711 Walnut Street.

Li’s firm bills itself as a boutique investment company that specializes in complex deals involving Chinese capital. It is unclear how Li is funding either of his projects.

Developers are planning a slew of multifamily projects in Pasadena. Last week, a joint venture of Fortune Time USA and Giantech Development finished clearing a parking lot for a 55-unit project on E. Del Mar Boulevard.

Summerhill Apartment Communities broke ground on a 105-unit development on North El Molino Avenue. Trammell Crow is planning bigger, with a 500-unit project at a former U.S. Navy site. 

*Sources: TheRealDeal.com, PasadenaStarNews.com

Mark Your Calendars 

October 3rd - Altadena Farmers Market - Loma Alta Park @ 4:00pm 

October 6th - Pasadena Farmers Market - Victory Park @ 8:30am - 12:30pm

October 6th - Family Nature Walk - Eaton Canyon Natural Area Park & Nature Center @ 9:00am - 11:00am

October 6th - Old Pasadena Historic District Walking Tour - Old Pasadena @ 9:00am 

October 6th - 100-Inch Telescope Public Ticket Night -  Mount Wilson Observatory @ 6:30pm - 1:00am 

October 7th - American Society of Interior Designers ASID Fall Home Tour - 1020 El Centro St. @ 10:00am - 4:00pm 

October 8th - Japanesse Teahouse Tours - The Huntington Library, Art Collections, and Botanical Gardens @ 11:30 - 3:30pm

October 9th - El Portals 20th Annual Tequila Tasting - El Portal Restaurant @ 5:30pm - 8:30am 

October 13th - Pasadena Farmers Market - Victory Park @ 8:30am - 12:30pm

October 13th - Family Nature Walk - Eaton Canyon Natural Area Park & Nature Center @ 9:00am - 11:00am

October 13th - 13th Annual Pasadena ARTWalk - Green St. and Madison Ave. @ 11:00am - 6:00pm 

October 13th - CraftoberFest Los Angeles - Rose Bowl Stadium @ 12:30 - 5:30 

October 14th - Village Market & Festival - Rhythms of The Village @ 11:0am - 6:00pm 

October 14th - R.G. Canning Flea Market - Rose Bowl Stadium @ 4:00am - 5:00pm

October 19th - 21st - International Orchid Show and Sale - The Huntington Library, Art Collections, and Botanical Gardens @10:00am - 5:00pm 

October 20th - Pasadena Farmers Market - Victory Park @ 8:30am - 12:30pm

October 20th - Rose Villa Neighborhood Walking Tour - Rose Villa Neighborhood @ 9:00am - 11:15am 

October 20th - Fall Festival - Victory Park @ 2:00pm - 6:00pm 

October 24th - Chardonnay Around the World - The Huntington Library, Art Collections, and Botanical Gardens @ 5:00 - 7:30pm 

October 27th - Pasadena Farmers Market - Victory Park @ 8:30am - 12:30pm

October 27th - OneColorados Annual Pumpkin Decorating - OneColorado Courtyard @ 10:00am - 12:00pm 

October 28th - Fall Food and Wine Festival - Parkway Grill @ 6:00pm - 10:00pm

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Contract Corner 

Mello-Roos District and 1915 Bond Act Disclosures

Sellers of certain real property located within a Mello-Roos Community Facilities district or within an area subject to a fixed lien assessment collected pursuant to the Improvement Bond Act of 1915 must provide the disclosure notice(s) to prospective buyers of that property. 

A "Mello-Roos Community Facilities district" or "Mello-Roos district" is an entity formed by a local government, district, or agency to finance the provision of certain designated public services and capital facilities by levying special taxes. The special taxes are levied against property owners within the area in which the services are to be furnished. Among the services and facilities that may be provided through the formation of a Mello-Roos district are police and fire protection services, ambulance and paramedic services, parks, elementary and secondary schools, libraries, museums, and cultural facilities. The Improvement Bond Act of 1915 allows a city to issue bonds that are secured by assessments to pay the cost of an improvement in any of the streets, avenues, lanes, alleys, courts, places, or public ways in the city. 

The law requires that a seller of real property must discover and disclose to prospective buyers information regarding the Mello-Roos special tax or the Improvement Bond assessments from each local agency that levies a special tax or that collects an assessment on the property being transferred.  The seller must provide these disclosures, the "Notice of Special Tax" and the “Notice of Special Assessment” in addition to all other disclosures required by law.  

Navigating through the labyrinth of details and information of a transaction is exactly why you, savvy buyers and sellers, need an experienced team. The SARKISSIAN + PERERA GROUP is here to help guide you through this process and ensure that you achieve all of your real estate goals! 

© 2018 Berkshire Hathaway HomeServices California Properties (BHHSCP) is a member of the franchise system of BHH Affiliates LLC. Any unauthorized reproduction or use of this material is prohibited. This information is believed to be accurate as of October 3rd, 2018. It is not intended as a substitute for legal advice in individual situations, and is not intended to nor does it create a standard of care for real estate professionals. BHH Affiliates LLC and BHHSCP do not guarantee accuracy of all data. Information has been obtained from various sources and will not be verified by broker or MLS.

*Sources: TheRealDeal.com, PasadenaNow.com, PasadenaStarNews.com, Car.org.

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