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Related California eyes latest project in Downtown Santa Monica
The developer wants to build a 260-unit residential complex with nearly 100K sf of commercial space
Related California has filed plans to build a 260-unit apartment building at the site of a Vons supermarket in Downtown Santa Monica.
The complex would rise five stories at 1500-1534 Lincoln Boulevard, according to Urbanize. The developer posted a notice outside the supermarket detailing its intentions this week, according to the report.
The supermarket would be replaced by a 53,000-square-foot commercial space on the ground floor of the apartment complex. Related wants to add another 33,000 square feet of commercial space to the site, along with a 390-space underground parking garage.
The property is about 2.5 acres, near several development sites owned by developer WS Communities, all slated for residential projects.
WS Communities closed $157 million in financing from Madison Realty Capital in March for two of the sites, and last fall snagged a $44 million loan with Lightstone to refinance two others.
With California under a stay-at-home order, Santa Monica has postponed any municipal public meetings, so it’s likely that Related’s project won’t move forward any time soon.
The firm has plenty of other projects, namely its $1 billion mixed-use megadevelopment in Downtown Los Angeles, dubbed The Grand. Late last year, the firm and its partner CORE USA scrapped plans for a movie theater in the complex, citing a “lack of interest by theater operators.” [Urbanize] — Dennis Lynch