Front-row seats for the annual Tournament of Roses Parade may not be the primary reason for renting one of the 387 loft or apartment units atop Paseo Colorado, but it definitely will be one of the advantages.
However, its not simply the coveted views of the annual procession on New Year's Day that make Post Paseo Colorado Apartment Homes some of the most sought-after living spaces in Pasadena. With sunset views of the San Gabriel Mountains, sweeping views of L.A.'s skyline, not to mention the bustling energy of Pasadena's cultural hub just below, residents of Post Paseo Colorado Apartment Homes can enjoy remarkable views the other 364 days a year from the comfort of their living rooms. If the parade and the ever-changing views aren't entertainment enough, residents can enjoy movies, shopping, dining, spa treatments and full service fitness facilities right in their own backyard… literally.
“For residents, the retail and entertainment features are an obvious amenity,” says Dave Stockert, president and chief operating officer of Atlanta-based Post Properties, Inc., which is developing the $75-million residential portion of the $200-million project. “They will have a world of opportunity right at their doorstep.” For the retail tenant, he continues, having the residential component helps build a regular customer base but more importantly creates a greater sense of place that stands to make Paseo Colorado a bigger draw for the public in general.
This European style of living is already proving a huge draw to Southern Californians who appreciate the urban energy of Los Angeles and the cultural “chic” of Pasadena. Though the leasing program does not officially begin until the project's overall grand opening, Stockert reports people began making inquiries once the structure began to take shape.
“This is a new form of urban living for Southern California,” acknowledges Cliff Ratkovich, director of Post's California development office, “[but] around the country, America's cities are being rediscovered. Paseo Colorado will bring residents and visitors to the heart of Pasadena, and this mix of people is necessary for any community to survive and thrive.”
The fact Post Paseo Colorado stands apart from other Southern California projects is actually part of its appeal, he adds. And once people have a chance to experience everything Paseo Colorado has to offer, says Stockert, the rush will be on for the studio, one- and two-bedroom units that Post will begin delivering early next year with average rents in the range of $2,000 per month.
Stockert says his company was excited about the opportunity to become part of the TrizecHahn development because of the shortage of developable sites in Pasadena. “We have had our eye on higher-barrier-to-entry markets because once you get in, you are almost assured of success,” he says. “We like Pasadena a lot in this regard. We like the characteristics, the demographics. It has a large population of higher-end residents.”
As with the retail portion of the project, Post Paseo Colorado's residential component has been designed to reflect the variety and style of the surrounding city. Built around eight courtyards with interesting water features, the units are surrounded by a rich ambiance that sets off the extraordinary attention to architectural detail evident in the selection of unique floor plans and abundant amenities…including the shopping and dining just a few steps away.
According to Pasadena Mayor Bill Bogaard, the city very much looks forward to the new residential option Post is providing for downtown residents. “Paseo Colorado will bring Pasadenans back to the heart of their historic civic center,” he says. “We are delighted that this urban development offers the opportunity to make both an economic and cultural impact on the city.”