Pasadena portfolio: Developer plans 3rd resi complex in the city

Developer James Li wants to build a 91-unit mixed-use complex

Jun.June 25, 2019 11:00 AM
James Li and 141 South Lake Avenue (Credit: Google Maps)
James Li and 141 South Lake Avenue (Credit: Google Maps)

A developer who is head of a Shanghai-based banking firm is building up his residential portfolio in Pasadena.

James Li, CEO of E.J. McKay & Co. wants to build a 91-unit mixed-use project at 141 S. Lake Avenue, according to Urbanize. The six-story development is planned for a 1.3-acre property. Li is planning 10,000 square feet of ground-floor commercial space and 253 parking spaces underground. Pasadena is considering the proposal, according to the report.

This will be his third project in the city. Li also working on a 100-unit development on Pasadena’s Colorado Boulevard and a 115-unit project on Walnut Street.

Li is working through DC Lake Holdings LLC. He sought to build a 70-unit project on the property last year. The Pasadena Design Commission will hold a preliminary hearing on the new proposal this week.

The hearing is an advisory meeting that gives the commission a chance to weigh in on plans before a formal development plan is submitted. Pasadena-based architecture firm Moule & Polyzoides is designing the development.

Li purchased the property in December 2016 for $16.6 million. [Urbanize] — Dennis Lynch

Related Articles

From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

420 West 9th Street, San Pedro (Credit: Google Maps and iStock)

San Pedro’s apartment project pipeline is filling up

David Nagel

Decron Properties, in multifamily expansion mode, pushes into Warner Center

Mill Creek Residential CEO William MacDonald and Modera West LA (Credit: iStock)

One of nation’s biggest apartment builders scores $165M refi on West LA development

From left: Canyon Crest Views Apartments and Sunset Ridge Apartments

Multifamily investor Afton Properties adds nearly 1K units to portfolio

Blackstone CEO Stephen Schwarzman and TruAmerica CEO Robert Hart

Blackstone digs deeper into SoCal with massive rental portfolio buy

5800 Green Valley Cir, Culver City (Credit: Google Maps)

Jones & Jones buy multifamily property in bustling Culver City

Daniel Wrublin (right), principal of Dalan Management and Gregory Fowler, managing partner at FPA Multifamily with The Vue Apartment Homes in San Bernardino

A strong industrial market in San Bernardino is spurring a multifamily boom