Panoptic Development Purchases Pasadena Project
PASADENA CA,—Panoptic Development, LLC, a Los Angeles based real estate developer and investor, has recently acquired a development project located at 417 N Madison Ave, Pasadena,CA and in partnership with IMG Construction will develop a three story multi-family residential structure. The development will contain 42,000 square feet with a total of 35 units. The project in Pasadena will join Panoptic’s two other projects currently in development including one located in South Pasadena, CA.
Panoptic Development has also recently purchased a development site in Canoga Park, CA (Warner Center). The project is currently in the advanced planning and entitlement phase, with construction expected to begin within the first quarter of 2019. In addition, Panoptic Development is working to complete planning and entitlement of a project located in Bradbury, CA.
Know as the Madison Grove Apartments, this project is situated just north of the 210 Freeway surrounded by a mix of apartment and bungalow style single family residential units. Located in close proximity to Old Town Pasadena and The Paseo Colorado the project captures the prestigious Pasadena sub-market.
Each unit will range in size from approximately 1,000 square feet to 1,777 square feet, with 2 bedrooms per unit. The units would be arranged around a 5,244–square foot main garden area, which would be situated generally in the center of the structure and would remain largely open to the sky. A one-level subterranean parking structure would be located below the 3-story residential structure and would support 65 parking spaces.
Learn more about the project HERE