Elysian Housing Buys ZK Plaza for Residential Project
The firm purchased the Pasadena office site to build 133 units for low- and moderate-income residents.
Updated on Oct. 29, 2026 in Commercial
Live Poll
Do you support converting underused office buildings into residential apartments in your community?
Elysian Housing has purchased the ZK Plaza office building in Pasadena for $13.4 million, outpacing the initial asking price by $450,000. The company plans to redevelop the two-acre site into a residential complex featuring 133 units.
Why it matters
The project addresses a critical local housing need by serving low- and moderate-income families and residents displaced by the 2025 wildfires. This redevelopment helps Pasadena progress toward its state-mandated goal of planning 9,429 new residential units by 2029.
The acquisition involves a 41,600-square-foot office building originally built in 1966. The site spans 2 acres and will feature 51 units in the converted building and 82 units in a new five-story structure.
The players
Elysian Housing
This is a real estate development firm focused on repurposing commercial properties into residential communities.
Star Horizon
This real estate entity previously owned the ZK Plaza property before selling it to Elysian Housing.
Pasadena Design Commission
This local government body is responsible for reviewing and approving architectural and design applications for new developments in the city.
The details
Elysian Housing acquired the property at 600 North Rosemead Boulevard from Star Horizon, which opted to sell rather than navigate the complexities of repositioning the asset for residential use. The Pasadena Design Commission has already approved the design review application for the redevelopment plan.
Timeline
The existing office building was originally constructed in 1966.
Wildfires impacted local residents throughout 2025.
Elysian Housing first proposed the redevelopment plan earlier in 2026.
Pasadena must meet its state-mandated residential planning goal by 2029.
Culture Shift
This project reflects a growing trend of adaptive reuse, where developers convert aging office stock into much-needed housing to address urban density mandates. This transition moves away from traditional commercial zoning toward mixed-use living solutions intended to accommodate diverse demographic needs.
Residents seeking affordable housing will benefit from the addition of 133 new units tailored to low- and moderate-income households. The project also provides a dedicated housing pathway for individuals directly affected by the 2025 wildfires.
The takeaway
Adaptive reuse projects often prove more complex than new builds due to the structural constraints of legacy office buildings. Homebuyers and renters should monitor project timelines as these conversions navigate local design and environmental approval processes.
Further reading
For more on the changing landscape of local infrastructure, see Pasadena Commercial.
Source note: This article includes information reported by The Real Deal New York.
Live Poll
Do you support converting underused office buildings into residential apartments in your community?
