A parking lot in Pasadena's Playhouse District is slated to make way for a mixed-use development.

The project, announced by developer Toledo Homes, would rise at 127 N. Madison Avenue. Plans call for the construction of a five-story edifice featuring 48 residential units atop 2,500 square feet of ground-floor retail space.

The project is described as being of a “contemporary craftsman” style, paying homage to Pasadena’s abundant craftsman homes. Plans call for a large open courtyard available to residents and guests. Los Angeles-based architecture firm Struere is designing the building.

A project timeline has not been established, according to a representative of Toledo Homes.

Two blocks west of the project site, construction is now wrapping up for a five-story office building that will become the new headquarters of Alexandria Real Estate Equities.

One block east at El Molino Avenue, a 118-unit Spanish Colonial Revival apartment complex was completed in 2017.