Funding

Funding Needed
$13 (Mio)
EB5 Funding
$13 (Mio)
EB-5 Investors
26
Investment Amount
$500,000

Jobs

Category
Accommodation and Food Services
Sub-Category
Hotels (except Casino Hotels) and Motels

Location

State
Colorado
Location
Pasadena

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Viji Durga

Last Update: February 04, 2015 01:01 PM

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COLORADO AT LAKE PHASE II


Project Description

Phase IIA of the Colorado at Lake Project is an expansion of the Phase I hotel/retail development. It consists of additional 25 hotel rooms, another 20,000 square feet restaurant and rooftop restaurant/bar space, and 90 more parking stalls. The project offers 26 investment units to raise $13 million for the project construction cost. All units have been fully subscribed. All the entitlements were obtained before the investment units offering. As for now, the hotel design was completed and pending Pasadena Design Commission approval. After we receive final design approval, it is estimated that it will take an additional 6 months to complete all the detailed construction drawings to be submitted for plan check and pull construction permit. Once construction permit is pulled, construction is estimated to take 6 to 9 months. Phase IIA expansion is anticipated to open in the third quarter of 2015.

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