Local News in Brief : Site on Parade Route Sold for $11 Million
Members of the Pasadena Elks Lodge have agreed to sell a parking lot at a key location along the Tournament of Roses parade route for almost $11 million, lodge officials said.
The Ramser Development Co. said it will use the parcel near “perhaps the most visible corner in the world”--the intersection of Orange Grove and Colorado boulevards--for construction of a luxury hotel, commercial space and an underground parking facility.
Lodge 672 said the land is just too valuable to continue using it as a parking lot. Under terms of the proposed sale, the Elks and Ramser will continue to rent television and seating rights at the property during future Tournament of Roses parades.
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