Pasadena Unified School District Resolution 2895 2026-06-25
Park IV Group Proposes Senior Living Ground Lease
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Description
Park IV Group LLC submitted a non-binding letter of intent proposing a 99-year ground lease of the Linda Vista site to develop a senior living community, with $1 million in deposits and $375,000 annual rent escalating 2.5% per year. The proposal includes full responsibility for entitlements, due diligence, and improvements to an on-site community park.
Contract Details
Contract Amount
Annual ground lease payment of $375,000 with 2.5% annual increases; Initial Deposit of $1,000,000; four potential Permitting Period extensions at $100,000 each
Vendor
PARK IV GROUP 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
LOI contemplates a 99-year lease with reversion of land and improvements to Pasadena USD at term end if no new lease is agreed; no explicit renewal options are provided.
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Pasadena Unified School District Resolution 2895 2026-06-25
Pasadena Unified School District Resolution 2895 2026-06-25
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