15
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$5,500,000
Est. payment /mo
0.79 Acres Lot
New
252 N Michigan AVE Pasadena, CA 91106
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Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID CV25249228
HOA Y/N No
Lot Size 0.795 Acres
Property Description
We are proud to offer the Hacienda Garden Condominiums (the “Property”), a Residential Opportunity to build 34 Modern Condo Units, in the city of Pasadena. This site is fully permitted with all building permit fees of over $600,000 paid by the Seller.
This is an exceptional development opportunity that sits on two parcels with cross streets at Walnut Street and Corson Street. This fully entitled, shovel-ready project is offered at $5.5M, including all plans and permits for the construction of two three-story residential buildings with 34 modern condo units. With over $600,000 in building permit fees already paid, all the heavy lifting and planning are complete, and the project is construction-ready for immediate commencement. The approved plans account for a total of ±31,567 net rentable square feet of residential dwelling space, ±3,429 SF of residential common area and circulation, for a net residential size of ±34,996 SF space, with a total gross square footage of approximately ±67,567 residential net square feet, including a ±32,571 square foot subterranean parking area. The proposed development plans, designed by the award-winning architect LCRA, include a diverse unit mix to cater to a sophisticated market. The project consists of 19 flats, 11 two-story units, and four townhomes. Common area amenities include lush modern garden-style landscaping, a secured subterranean parking lot, an elevator, and EV parking. The units are designed with balconies or patios, modern amenities, high-quality fixtures, and fully equipped kitchens with state-of-the-art appliances.
The city of Pasadena represents a premier market for high-end development. The property's central location is a significant advantage, placing it minutes from Downtown Los Angeles, the San Fernando Valley, and the Inland Empire. The project's prime location, coupled with its proximity to significant employers and cultural landmarks, offers a highly desirable lifestyle for future residents. Hacienda Garden Condominiums present a prime development opportunity that will yield a profitable investment. Located in an exceptional area in prime Pasadena, this property offers a stable and premium asset for a seasoned private investor or developer to add to their portfolio, with strong potential for student housing due to its proximity to local colleges.
This is an exceptional development opportunity that sits on two parcels with cross streets at Walnut Street and Corson Street. This fully entitled, shovel-ready project is offered at $5.5M, including all plans and permits for the construction of two three-story residential buildings with 34 modern condo units. With over $600,000 in building permit fees already paid, all the heavy lifting and planning are complete, and the project is construction-ready for immediate commencement. The approved plans account for a total of ±31,567 net rentable square feet of residential dwelling space, ±3,429 SF of residential common area and circulation, for a net residential size of ±34,996 SF space, with a total gross square footage of approximately ±67,567 residential net square feet, including a ±32,571 square foot subterranean parking area. The proposed development plans, designed by the award-winning architect LCRA, include a diverse unit mix to cater to a sophisticated market. The project consists of 19 flats, 11 two-story units, and four townhomes. Common area amenities include lush modern garden-style landscaping, a secured subterranean parking lot, an elevator, and EV parking. The units are designed with balconies or patios, modern amenities, high-quality fixtures, and fully equipped kitchens with state-of-the-art appliances.
The city of Pasadena represents a premier market for high-end development. The property's central location is a significant advantage, placing it minutes from Downtown Los Angeles, the San Fernando Valley, and the Inland Empire. The project's prime location, coupled with its proximity to significant employers and cultural landmarks, offers a highly desirable lifestyle for future residents. Hacienda Garden Condominiums present a prime development opportunity that will yield a profitable investment. Located in an exceptional area in prime Pasadena, this property offers a stable and premium asset for a seasoned private investor or developer to add to their portfolio, with strong potential for student housing due to its proximity to local colleges.
Location
State CA
County Los Angeles
Area 645 - Pasadena (Nw)
Zoning RM-32
Interior
Fireplace No
Exterior
Community Features Curbs, Sidewalks
View Y/N Yes
View Mountain(s), Neighborhood
Building
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5738015143
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Listed by Eric Chen CB RICHARD ELLIS 626-757-5717
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