InSite Proposes 99-Year Lease and $450K Annual Rent
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Description
InSite Realty Advisors proposes a 99-year ground lease for the Linda Vista Elementary site, including a combined $1 million deposit and annual ground lease payments of $450,000 starting after approvals or occupancy. The structure is intended to provide long-term, stable revenue for the District while delivering a 40-home rental community and enhanced park space.
Contract Details
Contract Amount
Initial deposit of $500,000 upon execution of agreement; additional $500,000 upon completion of due diligence (total deposit $1,000,000); annual ground lease payment of $450,000
Vendor
INSITE REALTY ADVISORS LLC
Agency
Pasadena Unified, CA
Contract Type
FACILITIES
Document Date
June 25, 2026
Contract Term
Ninety-nine (99) year ground lease term
Renewal Date
2125-12-31
Renewal Info
Proposal specifies a 99-year lease term; no renewal or extension options beyond the initial term are described.
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