Pasadena, California – Ivanhoé Cambridge and Greystar Real Estate Partners broke ground on The Hudson project in Pasadena, California. Sylvain Fortier, Executive Vice President, Residential, Hotels and Real Estate Investment Funds, Ivanhoé Cambridge, attended the event, along with the Mayor of Pasadena, Bill Bogaard, and other project representatives.
The Hudson is a new mixed-use multifamily and retail development that will feature 173 urban apartment homes and 1,000 m2 (11,000 ft2) of ground-floor commercial space in two five-story buildings located at 700 and 770 East Walnut Street in Pasadena’s Playhouse District.
The new development is walkable to shops and restaurants along Colorado Boulevard, as well as to the Lake Avenue Gold Line light-rail station and employment corridor. The station will provide residents with an easy commute to downtown Los Angeles. The site is located within a short distance from the 210 Freeway and is a 15-minute drive to the movie studios clustered around Burbank.
Mr. Fortier said: “We are very enthusiastic about The Hudson, a high-quality mixed-use development with an excellent location and terrific modern features. It will contribute to the vitality and the urban experience of Pasadena. We believe The Hudson exemplifies Greystar’s expertise in developing Class A real estate products.”
For his part, Perry Pound, Managing Director, Development, for Greystar, commented: ”We are thrilled to be part of the Pasadena Playhouse District. The City has always done a fantastic job preserving the character of Pasadena and we have worked together to create a modern yet timeless design that will appeal to young professionals as well as empty-nesters with strong ties to Pasadena. The Hudson provides a unique opportunity to experience true mixed-use and transit-oriented living.”
The apartment homes will offer a variety of studio, one- and two-bedroom flats, and two- bedroom townhouse floor plans ranging in size from 50 to 143 m2 (547 to 1,540 ft2). Interior finishes will include stainless steel appliances, custom kitchen islands with European cabinetry, quartz countertops with undermount sinks, pendant lighting, wood flooring in living areas, and ceramic tile in baths. Apartment homes will feature nine- to eleven-foot ceilings, spacious walk-in closets and large balconies. Amenities will include a recreation room and fitness centre, large interior courtyards, swimming pools, shade structures, storage units, secured bike storage, and a barbecue area with bench seating and tables.
The Hudson will offer 1,000 m2 (11,000 ft2) of ground-floor commercial space with visibility along Walnut Street. Greystar has selected Steve Nelson from CBRE to market and lease the commercial space for the project.
Construction is expected to be completed in fall 2016.
Greystar Real Estate Partners is a fully integrated multifamily company offering expertise in property management, development and investment throughout the United States and abroad. Headquartered in Charleston, S.C., and with a local office in Hermosa Beach, CA, Greystar is the largest operator of apartments in the United States and manages approximately 385,000 units in 100+ markets with over 10,000 team members. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class services in the multifamily real estate business. Greystar’s innovative business model integrates the management, development and investment disciplines of the multifamily industry. To learn more about Greystar, visit www.greystar.com