A 55-unit condominium project is being developed in Pasadena, one of several now in the works in the city.
Fortune Time USA and Giantech Development are building the 55-unit apartment at 399 E. Del Mar Boulevard, according to Urbanize.
Giantech is based in Arcadia and has developed single-family homes, according to its website. The partnership broke ground in April and has just finished clearing a parking lot on the property for the planned construction.
The property last sold in 2016 for $21.8 million to an LLC that doesn’t appear directly related to either Fortune Time USA or Giantech. The seller is connected to the investment office at CalTech, whose campus is located nearby.
The project is on the small side in terms of recent developments in the city. Summerhill Apartment Communities broke ground on a 105-unit development on North El Molino Avenue. Trammell Crow is planning bigger, with a 500-unit project at a former U.S. Navy site.
The ArtCenter College of Design is also moving forward with a $103 million renovation and expansion of its Pasadena campus. [Urbanize] — Dennis Lynch