A joint venture led by Mack Urban and including Mill Creek Development Co. and Cigna Investment Management, the equity partner, broke ground this week on a $50 million mixed-use development in the playhouse district of Pasadena, CA. Designed by RTKL Associates, the new development will include 2-to-6 story buildings with 118 total units and 7,600 square feet of retain space, including two levels of subterranean parking area with 220 spots.
"This increases the livability of our district and makes it extremely walkable," said Elizabeth Doren, executive director of the theater and serves on the board of directors of the Pasadena Playhouse District Association.
"We'll cater to young professionals moving to Pasadena, and empty nesters," said John Gunn, managing director of Mack Urban. "Pasadena was a suburban city for a long time and is now becoming more urban and walkable. People are trying to move into the core."
The new development called Union Village, which may be renamed before completion in January 2016, sits on 1.9 acres of land in Pasadena that were previously owned by Mill Creek Development Co. Once complete, the tallest building will offer views of the mountains as well as the annual Rose Bowl and New Year's Day parades.
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