The City Council took the first steeps Monday night towards a possible one million square foot project on the Parsons site, adjacent to Old Pasadena, which could include, retail and office or a hotel.
The council unanimously approved authorizing City Manager Michael Beck to enter into a $455,000 contract with EPA Consulting for the preparation of the Environmental Impact Report (EIR) for the proposed Parsons Planned Development at 100 West Walnut Street.
According to a city staff report, “The EIR will include an analysis of the main project as well as several project alternatives. The project will include up to one-million square feet of new gross building area, including residential, retail and office. The alternatives will consider different options to reduce environmental effects and will likely include alternative program uses such as a hotel and a bio-science lab element.”
A Predevelopment Plan Review (PPR) application will be presented to the city council on February 27.
The EIR will include a comprehensive analysis of all required issues and will include chapters on Aesthetics, Air Quality, Land Use, Noise, Public Services, Traffic, and Utilities (a Water Supply Assessment will be prepared). It is anticipated that several technical studies will be required including Traffic and Parking, Geotechnical/Seismic, Phase I Environmental Assessment, Sewer and Utility capacity, and a Water Supply Assessment according to staff.
The full EIR is expected to take 18 months which includes meetings to allow for public review and comment.
Parsons Corp. sold the property in July to Morgan Stanley Real Estate Investing in partnership with Dallas-based Lincoln Property Co. Parsons will continue to occupy the existing 12-story tower for 15 years.
Morgan Stanley and Lincoln Property plan to invest $168 million in the property over the next five to 10 years. Any new development would not break ground for at least three years according to the new owners.