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.
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