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The development will bring affordable housing to the city for individuals earning less than $53,000 annually.
“As a micro-unit development, Pasadena Studios is a new type of affordable housing product,” said Pasadena Housing Department Director Bill Huang. “It may very well prove to be an important innovation to help address the affordable housing crisis for many individuals who can no longer afford the high market rate rents in Pasadena.”
According to statement released on Monday, Pasadena Studios will provide residents with a range of well-designed studio apartments, including ADA accessible and adaptable units, with 245 to 270 square feet of living space.
The micro-unit concept was chosen to ensure affordability and maximize the number of units for a Class A building in a prime location. The per-unit construction cost was roughly $250,000 – significantly less than the typical per-unit cost of other affordable housing developments.
Tax credits and tax-exempt bonds through the federal Low-Income Housing Tax Credit programs were used to build the project.
The development achieved its funding goals without relying on loans or subsidies from the City, making it an exceptional model among 100% affordable housing projects.
“This Class A development introduces a rare opportunity for entry-level professionals, seniors, and others looking for studio rentals in a vibrant neighborhood located close to transit, jobs, retail, and entertainment,” said BFA Principal and Owner Jim Osterling. “By delivering affordable housing options to single person households near where they work, we anticipate that this development will serve as a new model for urban affordable housing.”
Each apartment also includes a generous private balcony, offering an indoor-outdoor living experience and additional square footage.
“With its innovative micro-unit designs and substantial amenities, Pasadena Studios redefines urban living for the affordable housing demographic, setting new standards for quality, sustainability, and community engagement,” said CBG Co-Founder and Principal Joe Seager. “This development represents the first of many micro-unit projects for CBG, with two additional Los Angeles County developments already in the pipeline.”
More than 900 prospective residents have reportedl;y applied to live in the community and their applications are currently working their way through the income-restricted, compliance process.
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