Pasadena Unified School District Resolution 2985 2026-06-25
Woodbridge Pacific Group Pitches 99-Year Lease For Linda Vista
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Description
Woodbridge Pacific Group proposed a 99-year ground lease with Pasadena Unified School District for the Linda Vista property, offering $400,000 in initial annual rent with 10% increases every five years and deposits totaling at least $225,000. The plan includes development of 45 rental homes, refurbishment of the on-site park, and crediting park improvement costs against future rent.
Contract Details
Contract Amount
Proposed annual ground rent of $400,000 with 10% increases every 5 years; initial $25,000 cashier’s check and $200,000 good faith deposit; two optional 3‑month entitlement extensions at $100,000 each; park design and improvement costs to be credited toward rent
Vendor
WOODBRIDGE PACIFIC GROUP
Agency
Pasadena Unified, CA
Contract Type
FACILITIES
Document Date
June 24, 2026
Contract Term
Proposed 99-year ground lease, following a 90-day due diligence period, 12–18 month entitlement period, and 12-month construction period
Renewal Info
Proposal envisions a 99-year lease term with structured rent escalations; any renewal or extension beyond that period would be subject to future negotiation and is not specified in the proposal.
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