SOUTH PASADENA, CA-Decoma Developers of Torrance has landed $8.8 million in equity funding from Burbank-based Shamrock Capital Advisors' Genesis Real Estate Fund II for Decoma's 310,000-sf South Pas Towne Square mixed-use project Downtown. The development will feature approximately 41,000 sf of commercial space and 60 residential condominium units, including an affordable senior housing component, as well as outdoor meeting spaces and underground parking for 380 cars.
Mark Schaffer, Shamrock managing director, points out that the South Pas Towne Square redevelopment will be the first significant development in South Pasadena's historic downtown in more than 30 years. Decoma Principal Marinel Robinson notes that the project "is the culmination of a decades-long effort by the City of South Pasadena to revitalize its historic downtown" and also "reflects nearly two years of community input."
Robinson adds that the City of South Pasadena "is well known for its resistance to change, a fact that is not lost on us. Our project will reflect the nearly two years of community input and meet the city's revitalization goals without sacrificing its architecture and small town ambiance." Decoma won the South Pas project after a RFP process by the city's community redevelopment commission that included a year-long study.
The development will include the acquisition of several privately owned parcels as well as three city-owned parcels. The city-owned parcels will be conveyed back to the redevelopment group upon completion of construction.
South Pas Towne Square represents the fourth investment made by Genesis Real Estate Fund II, which provides equity, preferred equity or mezzanine debt financing to retail, industrial office and mixed-use projects. Other investments include the Otay Business Park in San Diego, Mission-71 Business Park in Pomona and the Solair mixed-use high-rise development located in the Koreatown section of Los Angeles' Mid-Wilshire District.
Since its launch in 2000, the Genesis Real Estate Funds I and II have facilitated the development and/or redevelopment of approximately $500 million in retail, industrial, mixed-use and office projects Shamrock Capital Advisors is an affiliate of Burbank-based Shamrock Holdings of California Inc., the investment arm of the Roy E. Disney family.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.