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South Pas Project Hits the Skids

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A plan to remake the Fair Oaks Avenue section of South Pasadena took a hit when a holding company pulled out of financing a $50-million mixed-use development that would have planted seven new buildings, including condos, offices, and retail, on what was mostly surface parking lots. The Pasadena Star-News reports that Shamrock Holdings is taking its $8.8 million in equity financing and running from the 310,000-square-foot South Pasadena Town Square project, saying the economy is to blame. Decoma, the developer, was hoping to break ground in January 2010. Decoma is still holding out hope, even without financing and a community that railed against the project (too much traffic! not enough parking!). [Pasadena Star-News]