Pasadena : Lot Ownership Transferred
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Ownership of an empty lot valued at $1.4 million will be transferred to the city, which plans to build a Water and Power Department building across from City Hall.
The lot was the site of the old downtown YMCA gym. The City Council Tuesday approved transfer to the city of the property owned by Centennial Place Ltd. Partnership.
The partnership in 1989 received a $1.4-million city loan to help it buy the $3.35-million YMCA building on Holly Street and convert it to a 144-unit, $12.4-million low-income hotel. The hotel opened earlier this year.
The developer demolished the YMCA gymnasium and will transfer ownership of that part of the now-empty land to the city in exchange for canceling the $1.4-million loan.
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