We are pleased to present an excellent opportunity to own a property that is zoned for a high density mixed-use residential/retail development! The property is located in a trendy setting of the bustling downtown area of Pasadena, on the main artery of Colorado Blvd and the popular Lake Avenue which are both known for their high foot traffic. In April of 2024 the City of Pasadena adopted the new zoning of high density mixed-use, where the density is 87 units/acre plus a retail component. This zoning change was highly anticipated for years. There is a possibility for an assemblage of the adjacent properties as well which would allow for a larger footprint for a building. The total assemblage area would be 28,025sf, or 0.64 acres. The current restaurant has been a stable burger restaurant for decades and maintains a great business for sufficient income. This can be delivered to an owner user, or to an investor who will renew the lease. The current restaurant is on a NNN lease in which the tenant pays taxes, insurance, and maintenance, which allows ownership to collect income with minimal management of the property, or to collect income while entitling the property. The subject property consists of an 11,924sf lot, and 2,000sf of restaurant with extra rear patio space.