Preserving History. Protecting Affordability.
In 2024, Community Preservation Partners (CPP), in partnership with Goldrich Kest and Belveron Partners, embarked on a mission to preserve one of Pasadena’s most iconic landmarks: the Green Hotel Apartments, a seven-story historic monument in the heart of Old Pasadena.
Originally built in the 1890s and listed on the National Register of Historic Places, the Green Hotel is more than just a building—it’s a cornerstone of Pasadena’s cultural and architectural heritage. Today, it provides 139 affordable studio and one-bedroom homes for seniors earning between 30% and 60% of AMI.
But behind its historic charm, the Green Hotel was struggling. Aging infrastructure, outdated systems, and an affordability agreement set to expire in 2035 put this fully occupied, waitlisted property at risk. Without intervention, dozens of seniors could lose access to the affordable housing they depend on, further straining a community already in desperate need.
Our Mission: Restore and Renew
CPP saw an opportunity not just to preserve a building, but to protect affordability for generations and return a Pasadena treasure to its former glory.
With a $100 million development plan, including a $54 million acquisition and $115,000 per-unit renovation budget, CPP set a bold vision: blend historic preservation with modern upgrades that ensure comfort, safety, and dignity for residents.
Planned renovations include:
Beyond individual apartments, CPP is reimagining community life with a new shared space featuring a ballroom, multipurpose rooms, library, business center, and conference areas.
Financing the Future
Preserving history requires creativity and collaboration. CPP brought together a diverse network of partners, including the California Tax Credit Allocation Committee, California Debt Limit Allocation Committee, California Municipal Finance Authority, HUD, WNC & Associates, Citibank N.A., California Bank and Trust, Belveron, and Goldrich Kest.
To secure long-term affordability, CPP renewed the Section 8 Housing Assistance Payment contract for 20 years, paired with a 55-year California Tax Credit Regulatory Agreement. Together, these measures ensure the Green Hotel will continue serving Pasadena seniors for decades.
A Legacy Restored
The impact of this project reaches far beyond bricks and mortar. Through a partnership with Project Access, residents will have access to on-site health, education, and employment services—fostering opportunity and connection alongside high-quality housing.
The preservation of the Green Hotel Apartments means more than just saving a historic landmark. It means ensuring that Pasadena’s seniors can continue to thrive in a safe, affordable, and dignified community right in the heart of Old Pasadena.
