A new 287-unit luxury senior housing complex is heading to South Pasadena.
The city has already approved the development of the complex – the brainchild of Greenbridge Investment Partners and KTGY – and is currently reviewing building permits. If everything goes according to plan, Greenbridge expects to break ground in the second quarter of 2026.
Comprising 155 independent units, 50 affordable units, and 82 assisted living and memory care units, The Raymond “addresses a gap in the affluent market” for senior housing, KTGY said in a release.
Greenbridge, based in Beverly Hills, and KTGY, based in Irvine, hoped to embody South Pasadena’s historic Raymond Hotel which was once a high-profile destination attracting the likes of Theodore Roosevelt and Charlie Chaplin.
The Mediterranean Spanish Revival complex will include a car shuttle service, which will take residents to museums, golf courses and shops, a pool deck, rooftop terrace and fitness center.
“We’re reimagining a historic icon and bringing it back 150 years later with deliberate details designed to benefit both residents and the greater neighborhood,” Fareed Kanani, principal at Greenbridge, said in a statement. “We know many people in South Pasadena want to remain active members of this community once they retire, and The Raymond will allow them to do just that.”
The details
The project site is an office building parking lot, which had already been under Greenbridge ownership. The firm also purchased the property currently inhabited by Shakers – a diner which first moved to 601 Fair Oaks Ave. in 1971 – for $8 million as a part of The Raymond development. Shakers has yet to announce its next steps.
While Greenbridge did not disclose the project’s budget, Kanani said it “is not going to be cheap,” pointing to large units, balconies for the independent units, a speakeasy, a theatre and a number of other community event spaces.
Ben Seager, principal at KTGY, sees The Raymond’s amenity spread as “robust” and a means to “bring elevated living to South Pasadena’s older adults.”
“From market rate to affordable, independent to assisted living, each building features an individual yet harmonious design,” Seager said. “The addition of a robust amenity package connects individuals with their own health and wellness, as well as the vibrant surrounding area.”
Kanani also mentioned the use of “authentic” finishes as a differentiator, meaning real stone and brass to “stand apart from many of today’s low-cost and low-quality developments.”
“We have been speaking with several joint venture partners, and although we haven’t picked one yet, the consensus has been the same: build a high-quality, high-end product, and the market and community will acknowledge this by keeping the resident occupancy high and fostering a very satisfied and deeply rooted long-term community,” Kanani added.
As of now, the development team is not using any city or county incentive building programs when it comes to its inclusion of affordable units, though the firm is exploring a number of options.
The project is backed by former South Pasadena Councilman Odom Stamps, who now runs a local architecture and interior design firm Stamps & Stamps. Stamps advised Greenbridge on some of the municipal processes and working with the city.
“This project will be a beautiful and much-needed addition to our community to house our seniors once they are ready to sell their homes,” Stamps said.
