New Owner Confirms Acquisition of Paseo Colorado, Won’t Yet Discuss Its Future

Pasadena’s Paseo Colorado shopping center has been purchased for an undisclosed sum by Texas real estate property development and management firm Cypress Equities.

A spokesperson for Cypress would not discuss plans for the property’s future.

“I can confirm that the sale did occur,” Simon Honeybone, Direction for Acquisitions at Cypress Equities, said. “It’s a hundred percent sale.”

Honeybone said he could not yet discuss details about what the company plans to do with Paseo Colorado, or with the $70 million redevelopment program that the previous owner, DDR Corporation, launched in August, 2015.

Todd Minnis, a managing partner and chief information officer for company’s real estate investment management division, said in a statement that his company plans “to transform Paseo Colorado into the dominant regional shopping, dining and entertainment destination in Pasadena.”

Economic Development Manager at the City of Pasadena Eric Duyshart said the city has been aware of the process leading to the sale of the 382,000-square-foot mixed-use center, and hopes that the current renovation of the mall will continue.

Former owner DDR’s redevelopment program on the site included demolition of the Macy’s store to build a six-story 179-room Hyatt Place hotel on the south end and a seven-story building on the north end along East Colorado Blvd.

“I know that they (Cypress Equities) are interested in moving forward with much of the momentum that DDR initiated,” Duyshart said. “We have not had the in-depth conversation about if it’s exactly the same pursuits, but at least they have indicated that they’re moving ahead with things that have been going through the city permit process.”

Duyshart confirmed Cypress has been working closely with the City’s permit and building department to examine the typical drawings for the replacement structures at Paseo Colorado, but the exact sequence of the redevelopment will have to come from the new owner.

Duyshart said the City of Pasadena hopes to see a redevelopment that will conform with the city’s plans for the district where Paseo Colorado is located.

“The block is a very important part of our civic center and downtown, so we’ve been eager to see the improvements get under way and the tenant mix also improved,” Duyshart added. “We’re hoping that as Cypress negotiates deals with new tenants that it’s a nice compliment to the business district which includes the Playhouse District and Old Pasadena.”