A project slated for Downtown Santa Monica is inching ahead after the completion of a draft environmental impact report.
Metropolitan Pacific Capital and Clarett West Development are behind the Plaza at Santa Monica, which is set to bring a hotel, office space, retail and parking to a city-owned lot, Urbanize reported.
DLJ Real Estate Capital Partners is providing capital for the 2.57-acre redevelopment.
Designed by OMA, Rem Koolhaas’s firm, the recently revised project would bring 280 hotel rooms, 106,800 square feet of commercial space, 42,000 square feet of ground-floor retail and 820 parking spaces to the corner of 5th Street and Arizona Avenue.
The project would include 48 affordable residential units, or donate money towards building 130 affordable units somewhere else in Santa Monica.
A 12,000-square-foot museum, an elevated public park and a variety of open space are among the amenities proposed. VTBS Architects is designing the landscape portion of the project.
The project took a step forward late last week after its draft environmental report was published. Construction is expected to last about three years.
Plaza at Santa Monica has been in the pipeline since 2013, when a city-commissioned selection committee chose Metropolitan and Clarett West to develop the site. The project was ultimately bogged down by resistance from residents, who pushed for the city-owned property to become a public park. [Urbanize] – Natalie Hoberman