First project to develop under new LA County zoning code for high-density, unincorporated corridor

Pasadena, CA – (December TBD, 2019) — Bolour Associates Inc. (BOLOUR), a privately-owned real estate investment, development and finance company, has sold a strategically entitled land site in East Pasadena for $8.5 million. The site was sold to Los Angeles-based APPA Real Estate for the development of a new transportation-oriented, mixed-use multifamily project.

The parcel is the first to develop under Los Angeles County’s updated MXD (Mixed Use Development) zoning supporting high-density development near Metro Rail sites.

“Our project was the first to go through the County’s new zoning code,” said BOLOUR CEO Mark Bolour. “It reflects our commitment to strong local relationships and showcases our ability to identify underutilized land and support creative future development that others might overlook.”

The Pasadena site totals just over three-quarters of an acre at 3768 E. Colorado Blvd., within a high-density, unincorporated corridor of Los Angeles County. It is minutes from Interstate 210 and the Metro Rail Sierra Madre Villa Station. It is also immediately south of the Hastings Ranch submarket, home to premier national restaurants and retailers, and a demographic of young professionals and families.

From 2015 to 2018, BOLOUR worked closely with County officials to re-entitle the Colorado Boulevard land under the new zoning code.

“We recognized that there was a zone change coming and used our resources to purchase, hold and entitle this land until we found just the right buyer,” said BOLOUR Vice President of Development Adam Eisenberg. “In this case that buyer was APPA, who we are confident will build a quality development that adds value to the Pasadena community and the residents who will soon live here.”

BOLOUR specializes in transportation-oriented infill opportunities, developing, owning and providing private lending services for projects in innovative, fast-growing districts that are being reimagined as new hubs for business, technology and lifestyle.

Upon completion, the mixed-use Colorado Boulevard project will combine 5,800 square feet of ground-floor commercial space with 100 contemporary multifamily units, five of which will be designated for affordable housing. Residents will enjoy a private gym, co-working space, rooftop barbeque decks, courtyards, a dog run and on-site parcel lockers. The building will be served by two levels of subterranean parking.

The project is expected to break ground in early 2020 with an opening scheduled for early to mid-2022.

The Colorado Boulevard land transaction was a direct sale between BOLOUR and APPA, with all details handled in house by both parties.