Under the terms of the venture, Post will contribute $26.25 million, or 35% of the equity; the New York state fund will contribute $48.75 million, or 65%. Post will manage the operations of the development and provide property development and leasing services.
The complex, Post Paseo Colorado, is the residential component of the urban village Paseo Colorado in Pasadena. TrizecHahn Corp. is developing the retail portion. Signed tenants include Macy's, Brookstone and a 14-screen movie theater. The project, located in downtown Pasadena, is designed as a combination of retail, restaurants and cafes, and entertainment with a residential and office component. The initial phase of the development opened in September.
Post has formed partnerships with the New York Common Retirement Fund on two other occasions, to develop Post Peachtree and Post Biltmore, both in Atlanta.
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