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Pasadena unveils post-pandemic economic strategy
Pasadena Independent Aug 29, 2024
Old Town Pasadena. | Photo courtesy of the city of Pasadena
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Pasadena on Thursday unveiled a five-year plan that aims to sustain the city’s recovery from the coronavirus pandemic, with a focus on “Deep Tech businesses” and addressing an oversupply of retail space.
The Economic Development Strategic Plan is designed to highlight and amplify Pasadena’s strengths and maintain “its continued prosperity, vibrancy and charm,” according to a city statement. The plan is the result of “extensive research, collaboration, and community engagement” with input from city officials, local businesses and Pasadena stakeholders.
The city’s Economic Development Division developed and crafted the plan, which identifies new opportunities and areas in need of improvement while highlighting the city’s economic successes.
“Supporting and nurturing our local businesses is crucial for Pasadena’s fiscal health and overall prosperity,” City Manager Miguel Marquez said in a statement. “The contributions of our business community are vital for maintaining the city’s quality of life and economic stability.”
Pasadena is on the verge of becoming a regional leader in “Deep Tech” industries, such as life sciences, artificial intelligence and quantum technologies, according to city officials.
“With the city’s strong tech workforce and world-renowned institutions like Caltech, Pasadena offers a unique environment for companies at the cutting edge of innovation,” officials said. “Recent successes include the relocation of Xencor Inc. to Pasadena and the upcoming expansion of Motiv Space Systems in 2024, underscoring Pasadena’s growing appeal in these high-growth sectors.”
Since the commercial shutdown that characterized the COVID-19 pandemic, Pasadena’s economy has steadily recovered, according to the city statement. Current employment levels are now close to the city’s pre-pandemic peak of 80,000 jobs.
In 2023, commercial properties contributed more than $114 million to the city’s general fund, “with sales and tax revenues adding nearly $70 million,” officials said. “Pasadena has outperformed neighboring cities and Los Angeles County in key economic metrics, boasting a lower office vacancy rate, lower unemployment rate, and higher median earnings.”
The plan also aims to address an oversupply of retail properties with strategies to reduce vacancies and improve commercial corridors.
“By refining retail space requirements and expanding allowable uses the city is ensuring a more vibrant, sustainable commercial landscape that meets the needs of both residents and visitors,” according to the city statement.
Pasadena is also a regional destination for shopping and dining, with more total square feet of retail and food-service businesses than neighboring cities, officials said. Featured recently in Vogue magazine and The New York Times, Pasadena’s blend of historic charm and modern luxury makes the city a popular destination
“We are thrilled to reach this milestone in the Division, and now the exciting work of carrying out the plan’s initiatives begins,” David Klug, Economic Development Division Director, said in a statement. “Our success depends on strong collaboration with our community partners, and we look forward to working together to enhance Pasadena’s economy.”
The plan is based on six principles:
- “Build Systems and Partnerships for Success — establishing strong public-private partnerships, enhancing communication and marketing efforts, and forming a Deep Tech Council.
- “Champion Life Sciences and Cultivate a Deep Tech Ecosystem — leveraging Pasadena’s competitive advantages to attract and retain industry leaders.
- “Invest in Neighborhoods and Small Businesses — reducing barriers to market entry and improving neighborhood commercial corridors.
- “Reinforce Pasadena as a Destination for Culture and Entertainment — with strategic investments in cultural and entertainment offerings that complement Pasadena’s status as a dining destination.
- “Expand and Streamline Workforce Opportunities — through partnerships and training programs that prepare residents for the jobs of tomorrow.
- “Prioritize Place and Accessibility Investments — enhancing Pasadena’s walkability and connectivity to create a more attractive environment for businesses, residents, and visitors.”
More information about the plan is available from the Economic Development Division via EconomicDevelopment@CityOfPasadena.net or 626-744-4660.
The full plan is online at CityOfPasadena.net/EconomicDevelopment/Development-News.
