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Pasadena Unified School District Resolution 2895 2026-06-25

District Picks InSite Realty Advisors for Linda Vista Lease

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 $1,000,000Pasadena UnifiedINSITE REALTY ADVISORSJune 25, 2026

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Description

Pasadena Unified School District selected InSite Realty Advisors to negotiate an Exclusive Negotiating Agreement for a 99-year joint-occupancy ground lease at 1259 Linda Vista Avenue, projected to generate roughly $285.8 million in rent and $1 million in upfront payments. The proposed low-density rental housing project will preserve and enhance the on-site park while providing long-term revenue for the District.

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 25, 2026

Contract Term

Ninety-nine (99) year anticipated ground lease term

Renewal Date

2125-12-31

Renewal Info

Initial action authorizes negotiation of an ENA for an anticipated 99-year ground lease; no renewal or extension options are specified yet and final ENA and lease terms will require future Board approval.

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Related Contracts

Pasadena Unified School District Resolution 2985 2026-06-25

Pasadena Unified (California)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 $1,000,000June 24, 2026

Pasadena Unified School District Resolution 2985 2026-06-25

Pasadena Unified (California)Initial deposit $500,000 upon execution of agreement; additional deposit $500,000 upon completion of due diligence (total $1,000,000) applicable to ground lease; annual ground lease payment of $450,000 commencing the earlier of 36 months from approvals or final Certificate of OccupancyJune 24, 2026

Issuing Agency

Pasadena Unified

School

Pasadena, CA

View agency profile

Vendor

INSITE REALTY ADVISORS

View vendor profile

More from Pasadena Unified

Pasadena Unified School District Resolution 2895 2026-06-25

$25,000 initial nonrefundable cashier’s check; $200,000 Good Faith Deposit; $100,000 for each of up to two 3‑month entitlement extensions; Annual Lease Rent of $400,000 with 10% increases every five yearsJune 25, 2026

Pasadena Unified School District Resolution 2895 2026-06-25

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 eachJune 25, 2026

Pasadena Unified School District Resolution 2895 2026-06-25

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 $450,000June 25, 2026

Pasadena Unified School District Resolution 2895 2026-06-25

$6,000,000 one-time lump sum Lease Payment for a 99-year ground lease; initial $60,000 deposit at escrow opening plus an additional $60,000 after feasibility (total $120,000); optional $60,000 extension depositJune 25, 2026

Pasadena Unified School District Resolution 2895 2026-06-25

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