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City Economic Development Update Set for Tuesday

Published on Monday, June 20, 2022 | 5:49 am

On Tuesday Pasadena’s Office of Economic Development will present the City’s Economic Development Update when the City Council’s Economic Development and Technology Committee meets starting at 5:30 p.m. 

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

The Office also recorded at least 21 business assistance activities in April and May, which includes permit assistance, site assistance, and general information, such as demographics, psychographics, and traffic information provided to existing businesses as well as businesses that are intending to put up an operation in Pasadena. 

A total of 18 developers or fund managers were assisted by the Office as they were looking at possible investments in the City. Staff also made five visits or calls to major commercial property owners in Pasadena, the memorandum showed. 

During those two months, the Economic Development Office also organized a City Manager-hosted meeting with commercial brokers, gathering at least 26 brokers in attendance. 

In another information 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, has embarked upon a comprehensive capital improvement program focused on the central Plaza, main building lobbies and other front-of-house spaces to complement the project’s advantageous location within the South Lake Avenue Business District. 

Coretrust will also execute on a modernization of building systems and elevators to improve the occupant experience and sustain the project’s LEED Gold certification.

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

Tuesday’s EDTech Committee meeting is accessible to the public via and on

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