Demand Increases for New Development

PASADENA, CA—Pasadena is experiencing an increased demand for new development, according to Mack Urban managing director John Gunn. Last week, GlobeSt.com reported that the company formed a joint venture with Mill Creek Development Co. and equity partner Cigna Investment Management to build a mixed-use property in Pasadena’s playhouse district. The development has already broken ground and will cost $50 million.

 “Demand in Pasadena is high and it’s increasing,” Gunn tells GlobeSt.com. “The Playhouse district has experienced renewed interest and become much more popular recently with a lot more activity. The area has a high walkability factor with lots of shopping nearby, access to the Metro, City Hall and restaurants.”