search

The Real Deal Logo

Trending

Musklandia: Tesla divorces gigafactory land from city of AustinMusklandia: Tesla divorces gigafactory land from city of AustinLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aHow $20M in South Side flips got fumbled into foreclosureHow $20M in South Side flips got fumbled into foreclosureBank of Southern California puts Neil Shekhter portfolio up for saleBank of Southern California puts Neil Shekhter portfolio up for sale
Commercial
Los Angeles

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

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

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.

Sign Up for the undefined Newsletter

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

Tags
Pasadena