City economic development update scheduled for Tuesday – Pasadena Now

On Tuesday, the Pasadena Office of Economic Development will present the city’s economic development update when the city council’s Economic Development and Technology Committee meets beginning at 5:30 p.m.

A memorandum submitted by the Office of Economic Development ahead of the meeting shows that staff conducted a total of 55 broker outreach activities for the months of April and May, which includes calls or meetings with brokers offering information on market conditions, and at least 14 business outreach calls or visits to local business CEOs and CFOs during those two months.

The Bureau also recorded at least 21 business assistance activities in April and May, which include permit assistance, site assistance, and general information, such as demographics, psychographics, and traffic information. provided to existing businesses as well as businesses that intend to set up an operation in Pasadena.

A total of 18 promoters or fund managers were assisted by the Office as they explored possible investments in the city. Staff also made five visits or calls to large commercial landlords in Pasadena, according to the memorandum.

During these two months, the Economic Development Office also organized a meeting hosted by the city manager with commercial brokers, bringing together at least 26 brokers present.

In another item on the agenda, the EDTech Committee will also receive an update on the PASARROYO project, a Class A office campus in the heart of the South Lake Avenue submarket.

Comprising 650,000 square feet and encompassing an entire six-acre city block, the PASARROYO project consists of four buildings surrounding a 60,000 square foot plaza and constituting the largest office campus in the market.

Coretrust, which acquired PASARROYO in May 2018, embarked on a comprehensive capital improvement program focusing on the central plaza, main building lobbies and other frontage spaces to complement the project’s advantageous location in the South Lake Avenue business district.

Coretrust will also execute upgrades to building systems and elevators to improve the occupant experience and maintain the project’s LEED Gold certification.

PASARROYO buildings now include LA Fitness, Urban Plates and Dunkin as current tenants. The buildings were constructed between 1964 and 1982 and range in height from two to 14 stories. The project offers 2,000 market-leading on-site parking spaces located in a seven-storey garage.

Tuesday’s EDTech committee meeting is publicly available via http://pasadena.granicus.com/MediaPlayer.php?publish_id=9 and on www.pasadenamedia.org.

Comments can be sent by www.cityofpasadena.net/commissions/public-comment.

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