We're late to this party, but Orange County developer City Ventures celebrated the New Year by buying part of the foreclosed Ambassador West project, and they plan on breaking ground on the already-approved plans early next year. The $15 million deal includes an unbuilt 70 unit townhouse complex, 27 apartments, and the Terrace Villa mansion. The LA Times reported that about 10 townhouses will be finished by the end of 2011. A City Ventures press release says they average size will be 2,500 square feet and average price will be $1.5 million. The company's president told the LAT "he believed there would be a market for new luxury housing in the area by then." The project will follow the site plan approved by the city in 2007, which "gained widespread support from the city, preservationists and neighborhood activists," according to the Pasadena Star-News, but will still have to go through the city's design review process. That plan preserves much of the landscaping of the site, and, the Star-News says, "all the historic buildings and 80 percent of the trees," although the LAT reports that some structures dating to the 1960s will be demoed. Incidentally, Ambassador College co-starred in December's Mid-Century drool-a-thon A Single Man.
· Ambassador College parcel purchased by City Ventures for town houses [LAT]
· Stalled for a decade, housing project for former Ambassador College appears back on track [Pasadena Star-News]