Pasadena Unified School District Resolution 2985 2026-06-25
District Selects InSite Realty Advisors for 99-Year Ground Lease
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Description
The Pasadena Unified School District Board approved entering into negotiations for an Exclusive Negotiating Agreement with InSite Realty Advisors to redevelop the former Linda Vista Elementary School site under a 99-year joint-occupancy ground lease. The proposal is expected to yield approximately $285.8 million in long-term rental revenue, including a $575,000 initial annual ground lease payment with CPI-based increases and $1,000,000 in upfront payments, while preserving and enhancing the on-site park.
Contract Details
Contract Amount
Estimated to generate approximately $285,806,869 over the anticipated 99-year lease term, including an initial annual ground lease payment of $575,000 and proposed upfront payments totaling $1,000,000
Vendor
INSITE REALTY ADVISORS
Agency
Pasadena Unified, CA
Contract Type
FACILITIES
Document Date
June 24, 2026
Contract Term
Anticipated 99-year lease term; Exclusive Negotiating Agreement to be negotiated following June 25, 2026 resolution
Renewal Date
2125-12-31
Renewal Info
Resolution authorizes negotiation of an ENA leading to a 99-year ground lease; CPI-based annual payment increases of no less than 2% and no greater than 3.5% are contemplated. Any renewal or extension beyond the 99-year term would require future Board action.
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RECOMMENDEDPasadena Unified School District Resolution 2985 2026-06-25
DISCUSSEDMore from Pasadena Unified
Pasadena Unified School District Resolution 2895 2026-06-25
Pasadena Unified School District Resolution 2895 2026-06-25
Pasadena Unified School District Resolution 2895 2026-06-25
Pasadena Unified School District Resolution 2895 2026-06-25
Pasadena Unified School District Resolution 2895 2026-06-25
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