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Paseo Colorado Begins $70 Million Redevelopment
Pasadena Independent Aug 26, 2015
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Hyatt Place Rendering – Paseo Colorado. – Courtesy Image
Last Wednesday, in a commemorative ceremony marking the beginning of a redevelopment at Paseo Colorado, DDR Corp., Pasadena Mayor Terry Tornek and District 6 Councilman Steve Madison announced the addition of the following new retailers to the shopping center: Victoria’s Secret, Chico’s, Soma, White House/Black Market, West Elm and a new dinner theater concept called The Rose. Below are some additional details:
-The redevelopment of Paseo Colorado will include two major components. The first component involves the demolition of a 150,000-square-foot space that was previously occupied by Macy’s. The former Macy’s building will be replaced with two new buildings.
- One new structure will be a six-story, 179-room Hyatt Place hotel on the south end of the site along East Green Street.
- The other new structure will be a seven-story, mixed-use building on the north end of the site, along East Colorado Boulevard, and will include a mix of restaurant and retail space and 71 for-sale residential units.
-The second component of the project entails a comprehensive shopping center upgrade, which will include new storefront facades, walkways, lighting, flooring and landscaping throughout the property. Additionally, the existing pedestrian walkway in the interior of Paseo Colorado will be extended to the east to connect to Los Robles Avenue.
-Wednesday marked the commencement of the Macy’s demolition and phase 1 of the redevelopment, and we are targeting a project completion with tenant openings by the middle of 2017. For specifics on tenants’ opening plans, it is our policy to defer to the individual retailers or restaurants.
-The $70+ million investment in Paseo Colorado, combined with the addition of several new retailers, condos and the hotel, demonstrates the substantial appeal of the Pasadena market. Pasadena, in general, and Paseo Colorado, specifically, are very attractive to a wide variety of successful and growing national retailers due to their strong demographics and unmatched location.
The new tenants will complement the strong lineup of existing retailers and restaurants, which includes ArcLight Cinemas, Tokyo Wako, Equinox, DSW, Coach, Yard House and Tommy Bahama.
