A sprawling multifamily development site spanning over one acre has recently been put on the market. According to a marketing brochure from Cushman & Wakefield, the property is fully entitled for a 193-unit multifamily development with modern amenities, on-site parking and ground floor commercial space.
The property, which is located at 388 S Rosemead Blvd., is listed by Cushman & Wakefield’s Mike Condon, Jr., Erica Finck, Mckenna Gaskill, Connor Martin, Rob Rubano and Brian Share. The project is currently owned by an entity linked to Legendary East Pasadena LLC, according to public records. Guidance for the pricing for the site was not disclosed.
Plans for the site include the construction of a seven-story residential building featuring a subterranean parking facility. Comprising a total of 193 units, the project offers a mix of studio, one-bedroom and two-bedroom apartments, spanning a combined residential space of 128,272 square feet. Moreover, the ground floor of the complex includes 7,887 square feet of commercial area, opening up possibilities for various retail or service-oriented businesses. The project also offers 192 parking spaces.
The existing site currently houses a single-story church and two small residential buildings, which will be demolished as part of the comprehensive development plans. The transformation of this site presents a prime opportunity for investors to capitalize on the growing demand for high-quality residential properties in the area.
Conveniently located near the Foothill Freeway, the project maintains access to downtown Pasadena and Historic Route 66. It is also located within close proximity to various retailers and the Kaiser Permanente Pasadena medical offices. The MTA Gold Line Sierra Madre Villa station is situated just three-quarters of a mile north of the project site on N. Halstead Street, providing convenient transportation options for residents as well.
