Forty-nine new condominiums are now for sale at 127 N. Madison Ave. in Pasadena's Playhouse Village, marking one of the largest single batches of new housing inventory to hit the city's market in recent years. Asking prices at the five-story development, called The Madison, range from $1.5 million to $2.7 million, positioning it firmly in the upper tier of Pasadena's condo market.
According to Urbanize LA, the building is designed with a C-shaped footprint and includes a central courtyard, a rooftop deck, a putting green and even an amphitheater among its shared amenities. Units range from 1,036 to 1,856 square feet, and the building sits above a subterranean parking garage. Gus Ruela of The Agency Pasadena represents the property and has described it as the largest single batch of new condos to open in the city in recent years, per the same report.
The scale of the release stands out in a market where new condo inventory has been historically limited. Pasadena's condominium market has seen scarce new supply in recent years, with most developments releasing in small batches of just two to twelve units, according to a real estate statement reported by The Agency. That scarcity has left pent-up demand among buyers eyeing higher price brackets in the city's core.
A Long Road From Surface Lot to Sales Launch
The Madison replaced a surface parking lot spanning two parcels within Pasadena's CD-3 Central District-Playhouse Village zoning designation, according to documents reviewed by the City of Pasadena. The project first went before the city's Design Commission for its final design review in July 2020, when the panel evaluated the 72,000-square-foot mixed-use proposal, as reported by Pasadena Now at the time.
Construction on the building's lowest underground parking level topped off around August 2024, roughly two years before the official sales launch, according to Struere. The development includes approximately 2,500 square feet of ground-floor commercial space above the subterranean garage, intended to support street-level activity in the district, as noted by LA YIMBY in its November 2024 coverage of the rising structure.
Local Developer and Architect Behind the Design
The Madison was built by Toledo Homes, a Pasadena-based developer led by President and CEO Mike Balian that has built local projects for more than two years, including the 17-unit Uptown Condos at 139 S. Oak Knoll Ave., according to city records. Toledo Homes is described as an active developer behind similar condominium projects in the city, including one built near the Paseo mall, per Urbanize LA.
The building was designed by Struere, a Los Angeles-based architecture firm led by Founder and Design Principal Hraztan Zeitlian. The exterior features terra cotta, formed metal, and beige stucco, materials chosen for the building's five-story presence in the Playhouse Village, according to city design review documents.
How The Madison's Prices Compare
Specific listings illustrate where The Madison sits in the market. Unit #312, a 1,568-square-foot two-bedroom condo, is priced at $1,900,000 with a monthly HOA maintenance fee of $850, according to a Zillow listing. That fee is intended to cover common area upkeep, rooftop amenity maintenance, and building security.
Citywide, Pasadena's condominium market posted an average sold price of $931,523, or $651.90 per square foot, across 59 active listings in July 2026, per data from HelloCondo. That places The Madison's starting price of $1.5 million well above the citywide condo average, putting it closer to single-family home territory. Median single-family home prices in Pasadena ranged from $1.55 million to $1.76 million in mid-2026, according to Luke Simon Real Estate, making The Madison's upper-tier units comparable in cost to a detached house while offering buyers a lower-maintenance alternative.
It remains to be seen how quickly the 49 units will sell, what businesses will eventually occupy the ground-floor commercial space, and whether the project spurs additional high-density housing proposals along the Playhouse Village corridor.
