Ambassador Site Sold in Pasadena

An Irvine developer purchased 12 acres of the former Ambassador College in Pasadena on Wednesday with the intention of building a residential and retail project on the site.

Sares-Regis Group paid the Worldwide Church of God an undisclosed amount for the property, which is roughly bounded by Del Mar Boulevard, DeLacey Avenue, Green Street and the 710 Freeway spur. The East Campus, as the site is known, has some remnants of the former school, including classrooms and a small auditorium, but does not include the well-known Ambassador Auditorium, which is on the 30-acre West Campus across the freeway.

Sares-Regis officials have no specific plans for their new property, spokesman Bill Montgomery said. They expect to meet with community and city representatives in the months ahead to develop a proposal for apartments and for-sale housing served by some stores. If the approval process goes smoothly, construction could begin in the second half of 2005, he said.

The property near Old Town and a Gold Line rail station has been coveted by builders since the church closed Ambassador College in 1997.

“A 12-acre parcel in that market is a phenomenal opportunity,” said Montgomery, who grew up nearby. “It’s just really neat to see what’s happened there.”

Last year, Sares-Regis acquired the nearby 374-unit Holly Street Village apartments with Capri Capital Advisors for $64 million.