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LOS ANGELES-TrizecHahn Development Corp. cut the ribbon on its $130-million Paseo Colorado project today. The development, which has taken approximately two years to build, features 565,000 sf of retail and entertainment space, in addition to 387 upscale residential units.

Located in the heart of historic Pasadena, Paseo Colorado stretches across three city blocks. Bordered by Colorado Boulevard, Green Street, Marengo Avenue and Los Robles Avenue, the project stands on the former site of Plaza Pasadena. “They basically demolished Plaza Pasadena and built from the ground up,” says Julie Grieve, a Paseo Colorado spokesperson. “The only thing still standing (from Plaza Pasadena) is the Macy’s.”

“The development of Paseo Colorado has been exceptional, both from a construction and a leasing standpoint,” says Lee H. Wagman, TrizecHahn’s president and CEO. “With Paseo Colorado’s space over 90% committed, this project will bring to the community a mix of acclaimed retailer and restaurateurs that reflect the unique character of the destination and the strength of Pasadena’s sophisticated customer.”

The retail and entertainment space is anchored by Amadeus Spa & Salon, Equinox Fitness Clubs, Macy’s, Pacific Theatres Paseo 14 and Gelson’s The Super Market. Around 75% of the retailers are new to Pasadena, including Coach, Betsey Johnson, Max Studio, Brookstone and MAC Cosmetics. All but a handful of shops and restaurants will open today.

The residential sector, which will include both apartment homes and lofts, is still being completed. Residents are expected to move in as early as January 2002.

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