The Renaissance condos, at the corner of Cordova and Marengo, has been under construction for at least a year now, IIRC. I talked to someone in the construction crew awhile ago and he informed me that the developer was financing this project with cash (as opposed to using a construction loan). The underground parking structure has been completed and now the initial framing of the structure has begun. I am very excited about this project because I think it complements the other new developments across the street (Cinema Lofts and The Dalton). It feels in another gap in the neighborhood with new investment and energy.
From the Pasadena City website:
107,309 square feet of total new construction. 28 luxury condominiums with an average unit size of 2,145 square feet with one additional commercial office unit at grade. Parking includes 2 levels of subterranean with 70 total spaces. Plans include rooftop pool, gardens, water features as well as additional amenities. Total new building area at 73,556 square feet. Demolition of an existing 16 unit apartment building.