Sares-Regis Plans Transit-Oriented Project

Sares-Regis bought the property from the Worldwide Church of God, which formerly operated the East Campus of Ambassador College on the 11 acres. The East Campus was part of the church's 48-acre Ambassador College campus, which has been closed for some time. The East Campus is split from the remainder of the campus by the 710 Freeway.

Bill Montgomery, president of the Multifamily Acquisitions & Investments Division of Sares-Regis, tells GlobeSt.com that the site includes former classrooms, a small auditorium and a few other buildings that will be razed to make way for the new development. Sares-Regis does not yet know what it will build on the 11 acres, Montgomery says. He says the developer wants to consult with city officials and community groups before devising specific plans for the site. Sares-Regis envisions a project that will complement Old Pasadena with an "urban village neighborhood" that is near the two Gold Line stations. The property is one of the last in-fill sites of its size in Pasadena and represents what Sares-Regis calls "a unique opportunity to create a special development to complement the Downtown Old Pasadena." The earliest that development could begin on the 11 acres would probably be the middle of 2005, assuming Sares-Regis obtained all of the necessary approvals and entitlements, Montgomery says.

The Pasadena project will join a growing number of Sares-Regis developments in Southern California. Most recently, the company built Watermarke Apartments and Townhome's DeLux in Irvine and Terracina Townhomes in Rancho Santa Margarita. The company also is rehabilitating the 296-unit Mesa Verde Villas, a 30-year-old apartment development it acquired in Costa Mesa. Additionally, Sares-Regis Group is converting Seabridge Villas in Huntington Beach and Bordeaux in Santa Clarita from apartments to luxury for-sale condominiums. The company's existing holdings in Pasadena include the 374-unit Holly Street Village Apartments, in Old Pasadena, which Sares-Regis bought last year for $78 million.