Passo Secures Major Expansion with New Development Milestone, Reinforcing Its Role as One of the Leading Affordable Housing Developers in Los Angeles
In a bold move that further establishes its position at the forefront of mission-driven development, Passo today announced the off-market acquisition of 11970 Santa Monica Boulevard. The approximately 17,200-square-foot parcel had not traded hands in nearly 50 years. Passo plans to develop a new affordable housing community comprising ~ 162 units, leveraging the Los Angeles ED-1 program. The future building will span nearly 80,000 square feet, delivering much-needed housing in one of West LA's most desirable and supply-constrained neighborhoods.
Passo has more than 600affordable housing units in various stages of construction and development. With total development costs exceeding $200 million, this milestone marks a significant acceleration for one of Los Angeles's fastest-growing affordable housing developers.
Founded in early 2024, Passo has quickly differentiated itself by deploying capital with uncommon speed, clarity of purpose, and impact. The firm is focused on creating thoughtfully designed, high-quality communities in historically inaccessible locations – those with the greatest economic opportunity.
'This next chapter represents both scale and intentionality,' said Sabin Burrell, Principal at Passo. 'We've thoughtfully built a pipeline across some of Los Angeles's most competitive neighborhoods — not just to build units, but to create pathways to economic opportunity for Angelenos who've long been left behind.'
Passo's model has drawn backing from several leading institutional investors and lenders, enabling the firm to execute at an accelerated pace. Its strategy is grounded in the conviction that affordable housing should not require compromising on location, quality, or dignity.
'We are fundamentally rethinking where and how affordable housing is built,' said Simon Aftalion, Principal. 'Too often, affordability dictates isolation — placing people far from jobs, services, and opportunity. Our developments flip that script.'
The name Passo, which means 'step,' underscores the company's mission to help residents take the first meaningful step toward long-term economic independence.
'We chose the name intentionally,' said Daniel Glimcher, Principal. 'We see each development not just as housing, but as a foundation from which individuals and families can springboard to economic prosperity. By building in proximity to employment centers and transit, we're offering opportunities for mobility, security, and economic health.'
With 8 projects underway and a robust pipeline for the remainder of 2025 and 2026, Passo is setting the standard for the currently underserved Los Angeles affordable housing ecosystem. As the affordability crisis continues to escalate, Passo is proving that scale, speed, and social impact can not only coexist — but thrive.
View source version on businesswire.com:https://www.businesswire.com/news/home/20250807777506/en/
CONTACT: Media Contact:
Daniel Glimcher
[email protected]
917-532-6940John Hynes
[email protected]
310-855-4713
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Passo
Copyright Business Wire 2025.
PUB: 08/08/2025 03:04 PM/DISC: 08/08/2025 03:04 PM
http://www.businesswire.com/news/home/20250807777506/en
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBS News
3 minutes ago
- CBS News
California could save $225 million yearly by ditching return-to-office mandate, audit Finds
A new audit found that the State of California could save $225 million a year by not enforcing return-to-office orders for state workers. The audit comes amid the saga for state workers and the political debate between remote versus in-person work. It found that Gov. Gavin Newsom's office "did not gather some important information about space needs and costs" before ordering employees back to the office four days a week. Assemblymember Josh Hoover requested the audit and said the findings dispute Newsom's calls for a one-size-fits-all hybrid work order. "One of the big problems is that the governor's office was not prepared for a return-to-work order," Hoover said. "I really don't think this should be a partisan issue. I think we should be doing what makes the most sense from a policy standpoint." The audit also showed that some state departments don't have the space for all their employees to return to the office four days a week after ending office leases during the pandemic. The audit shows the Department of Health Care Services would need 541 more workspaces, and the Department of Resources, Recycling and Recovery needs 123 more workspaces. "He told state agencies you need to prepare for telework and implement telework, and that led to decisions where in some cases they're not set up to get employees back," Hoover said. Newsom's office issued a response disagreeing with the study, saying: "This audit on state telework is not a scientific study, nor does it paint a complete picture of the state workforce or the benefits of working in person. While we appreciate the auditor's time in collecting this information, we respectfully disagree with the auditor's findings, which are based on estimates and, as noted throughout the audit, hypothetical theories and incomplete information. However, we will take their recommendations into account as we move forward with managing the state workforce and facilities." State worker unions have protested the governor's four-day return to office orders, which are currently set to take effect in July 2026. Now, this audit is adding to the dispute. "For me, it has been a reminder that we cannot rest," Neto said. The audit recommends that the state legislature jump into this debate and create laws requiring every state department to decide which positions should be remote and in person. Assemblymember Hoover said that he hopes to introduce that legislation next year.
Bloomberg
34 minutes ago
- Bloomberg
Pony AI Nears Full-Year Robotaxi Target Despite Scaling Hurdles
Pony AI Inc. said it was confident it would meet its 2025 robotaxi vehicle output target, while acknowledging it will still take time to commercialize the industry. Over 200 of the company's Gen-7 Robotaxi vehicles have been rolled out since mass production started two months ago, putting the firm on track to hit its 1,000 vehicle goal by year-end, Chief Executive Officer James Peng said.
Yahoo
36 minutes ago
- Yahoo
Asia's quiet tokenization revolution shows how the blockchain becomes ‘real'
For years, the crypto economy was a digital Wild West: volatile, speculative, and often untethered from the real world. Now, Asia is leading a reinvention—building a blockchain ecosystem that doesn't just trade coins, but tokenizes roads, solar farms, and financial instruments. It's a shift from roulette wheels to regulated rails, from speculation to scaffolding. The first uses of the blockchain were purely virtual: cryptocurrencies and NFTs that reflected digital assets with no real-world counterpart. Yet the next wave of financial innovators are trying to make blockchain work in the 'real world' by tokenizing real-world assets like artwork, real estate—and, if two small Asia-based financial startups have their way, clean energy. If predictions hold true, real-world assets on the blockchain can be a lucrative opportunity: Standard Chartered believes the market could be worth $30.1 trillion within the next decade. Amber Premium, a Thailand-based institutional crypto services provider, and Evolve, a tokenized infrastructure company specializing in renewable energy, are tiny by global standards: Amber's market capitalization hovers around $600 million, while Evolve manages a relatively small asset base. Unlike crypto giants such as Binance or Coinbase, Amber and Evolve are niche, but their focus on tokenizing real-world infrastructure is an example of how Asia is transforming the realm of digital finance. What connects both Amber and Evolve are tokens: the conversion of real-world assets into digital tokens onto a blockchain. In principle, this offers institutions a compelling alternative to legacy investment structures. Rather than have layers of financial intermediaries, investors have direct, auditable ownership through the blockchain. Users can then divide and trade these tokens however they wish, and set up smart contracts to automate yield distribution. These tokens represent tangible physical or financial assets—solar arrays, government bonds, EV fleets—bringing real yield, lower volatility, and legal transparency to crypto markets. Amber Premium allows clients to hold tokenized clean energy debt, money-market stablecoins, and more—all within a single digital wallet. Meanwhile, Evolve's tokens are linked to solar farms and battery networks, seamlessly bridging the gap between industrial infrastructure and digital finance. Amber Premium, led by CEO Wayne Huo—a former Morgan Stanley trader—recently merged with iClick, securing a Nasdaq listing and establishing itself as a fully regulated institutional crypto player. Amber's regulatory framework spans multiple jurisdictions: Its Singapore arm (formerly Sparrow Tech) operates under the Monetary Authority of Singapore (MAS), while other subsidiaries hold licenses adapted to local Asian markets. The firm invests heavily in compliance infrastructure, aiming to meet the expectations of institutional clients and regulators alike. Amber's Nasdaq listing established the company as a U.S.-listed institutional gateway into 'Web3'—shorthand for an internet built on decentralized blockchain technologies. Huo took over as CEO, giving the company a bridge to traditional finance. Amber Premium's clientele is distinctly institutional. As of Q1 2025, the platform counted roughly 928 active clients—an increase from 891 the previous year—which collectively held $1.275 billion in assets under management. These clients span regional banks, family offices, hedge funds, and corporate treasuries across Asia, the Middle East, and North America. A significant share of Amber's clients are based in Greater China and are looking for exposure to digital assets amid uncertainty around mainland China's treatment of cryptocurrency. Amber is still a tiny company, generating just $14.94 million in revenue in the first quarter of 2025, up from $1 million a year prior. Amber Premium has yet to turn a profit, instead prioritizing infrastructure, licensing, and regulatory compliance over short-term earnings. And its revenue has tracked the ups and downs of the crypto market: It generated just $33 million in revenue in 2024, down from $308 million in 2021, the height of the COVID-era crypto boom. Shares have lost half their value since the listing, falling from a peak of around $12.80 in March to around $6.50 today. Analysts blame low awareness, thin trading volume, and skepticism about the viability of crypto-finance hybrids after FTX's spectacular collapse in 2022. Evolve, founded by Maverick Hui, a pioneer of Canadian crypto ETFs and early digital asset regulation, is turning renewable energy infrastructure like battery-swapping stations, solar farms, and EV-charging networks into digital tokens that deliver proportional returns to investors. Several of its ETF offerings, including those tied to Bitcoin and Solana, have received approval from the Ontario Securities Commission. The company partners with U.S.-licensed custodians like Coinbase Custody Trust for cross-border holdings. Hui, from Evolve, is focusing on yield-generating clean-energy assets, particularly through e-scooter and battery station manufacturer Mile Green. In early 2025, Mile Green secured $50 million from CMAG Funds, a Singapore-based private investment firm, to expand battery-swapping and EV-charging infrastructure across Southeast Asia and parts of Africa. (Fortune's parent company holds a minority stake in CMAG Funds. Chatchaval Jiaravanon, Fortune's owner, is also an investor in Amber, Mile Green, and Evolve. Chatchaval recently took part in a $25.5 million private placement in Amber.) Mile Green is Evolve's infrastructure partner: Mile Green develops the clean energy assets, which Evolve converts into investment-grade digital tokens. Investors can now track performance through these tokens rather than company filings. Asia leads the way on crypto Asia is taking the lead in tokenized finance, thanks to clearer regulatory frameworks, innovation sandboxes, and startups that are eager to experiment. Even mainland China, which bans most cryptocurrency trading and mining, is experimenting with enterprise blockchain through its state-backed Blockchain-based Service Network (BSN) and central bank digital currency, the e-CNY. The financial hubs of Hong Kong and Singapore are among Asia's most crypto-friendly jurisdictions. Yet regulators in both cities are still cautious about cryptocurrency. Tokenized products still face strict limitations, retail access is tightly controlled, and approval processes can be unpredictable. One major constraint is the difficulty of transferring tokenized assets between wallets. As a result, wallet-to-wallet transfers are often restricted or require complex approvals, limiting broader adoption. Changing winds in Washington are also buoying Asia-based crypto platforms. The second Trump administration is taking a decidedly more pro-crypto stance. In January, U.S. President Donald Trump signed an executive order promoting responsible blockchain growth. He paused enforcement actions against crypto exchanges like Coinbase and Binance, and Trump's SEC then launched a 'Crypto 2.0' task force to clarify rules on crypto, moving away from the preceding Biden administration's more skeptical stance. In March, the White House announced a Strategic Bitcoin Reserve and Digital Asset Stockpile, naming Bitcoin, Ethereum, Solana, XRP, and Cardano as national digital assets. Then, in August, new rules opened 401(k) retirement plans to crypto, private equity, and real estate—unlocking trillions in potential institutional capital. The administration also backed the GENIUS Act, which clarifies rules for stablecoins. Together, these moves are ushering in what the crypto industry hopes will be a more friendly, legally stable foundation for growth. These shifts benefit both Amber and Evolve. Amber, as a Nasdaq-listed company, gains regulatory legitimacy and improved U.S. market access. Evolve's yield-bearing, tokenized infrastructure may soon appeal to pension funds and fiduciary investors seeking new types of assets. As the U.S. softens its stance and Asia doubles down on digital finance, companies like Amber Premium and Evolve are quietly building the financial plumbing for the next phase of blockchain adoption—and getting the real world on the blockchain. There's still a long way to go. Liquidity remains thin, valuation remains depressed, and the sector remains vulnerable to global regulatory swings. Then there's the ownership question: How do you ensure a digital token on the blockchain grants a clear and enforceable claim on the real-world asset in question? Tokenized finance may still be in its early innings—but the infrastructure is maturing. Asia didn't invent blockchain. But it may be where blockchain becomes real. This story was originally featured on 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
