Paseo Colorado

Redevelopment Agencies Structuring Public Investments Apartments Mixed Use Retail

Client: City of Pasadena Community Development Commission

Paseo Colorado is a successful retail and residential infill project in the heart of historic downtown Pasadena.  The center is anchored by Macys, a Pacific Theaters complex and 65 specialty retail shops. Additionally it includes 391 luxury apartments built over the two levels of retail.

When the center opened in September 2001, it fulfilled a longtime dream of the community to reunite the City’s civic center with surrounding streets, and linking once again the City Hall, Library, and Civic Auditorium via a public plaza.  In the 1970s a suburban style regional shopping center had been constructed in the midst of the civic center, effectively creating a barrier for pedestrians.  Today’s Paseo Colorado is the result of this outdated mall being turned inside out, relating back to the streets and integrating multifamily residential with modern entertainment and retail space.

Keyser Marston acted as the City’s principal real estate advisor, and in this role assisted in structuring the public financing component of the project, evaluated the private sector pro forma and the public revenue to be generated by the project.  Additionally, Keyser Marston assisted in reviewing the business terms of the financing and development agreements on behalf of the City and Commission.  The City’s participation included funding of renovations to the parking garage and civic space, a $26 million City investment to match the $100+ million investment by the Developer.

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