SANTA MONICA, Calif.--()--Related California today started construction on The Village at Santa Monica, a $350 million mixed-use, mixed-income development that is the final piece in the revitalization of the civic hub in thriving downtown Santa Monica.
“We are very sensitive to the responsibility we have for this site that is a one-of-a-kind treasure. Thus, we brought together a superb team that can give it the sense of place it deserves.”
Steps from the beach, The Village at Santa Monica is an urban mix of 318 luxury condominiums and affordable rental apartments, 20,000 square feet of retail and restaurants, and walkable plazas and gardens. The Village is the first major residential development to be built on highly prized Ocean Avenue in two decades and will offer Pacific Ocean views stretching from Palos Verdes to Point Dume.
Adjacent to the RAND headquarters, The Village is within walking distance of a diverse range of Santa Monica attractions and amenities, including the 3rd Street Promenade, public parks and beaches, Main Street, world-class restaurants, shopping, hotels and nightlife. Next door to the Village is the city’s $55 million seven-acre Palisades Garden Walk & Town Square designed by James Corner and expected to be an international landmark when it opens in 2013. One block away is the Santa Monica Civic Auditorium slated for a substantial renovation, followed by a major re-launch with programming by the Nederlander Organization. The iconic art deco Santa Monica City Hall also is scheduled for a $50 million restoration and revitalization. Anchoring the famous 3rd Street Promenade is Santa Monica Place which re-opened in August 2010 after a $265 million renovation as an open-air, upscale center. Finally, The Village will have convenient transit access starting in 2015 when the Expo Line opens connecting Santa Monica to downtown Los Angeles.
“The Village will enhance the image of Santa Monica as a place of beauty, style and spirit,” said Mayor Richard Bloom. “The City’s commitment to affordable housing is an integral part of this development. It will help ensure that Santa Monica is an accessible and welcoming community that fosters economic diversity.”
“Our intent was to create the ultimate Santa Monica Village,” said Bill Witte, President and CEO of Related California, a premier development company with expertise in both affordable and luxury multi-family residences and mixed-use properties. “We are very sensitive to the responsibility we have for this site that is a one-of-a-kind treasure. Thus, we brought together a superb team that can give it the sense of place it deserves.”
Related’s team of designers is led by Santa Monica based architects Moore Ruble Yudell, a leader in sustainable design with major projects around the globe from the U.S. Embassy in Berlin to the Santa Monica Library. MRY designed the master plan, exterior architecture of the condominium buildings and public spaces. Inspired by the tradition of Santa Monica and Venice walk streets that lead to the beach, MRY created a walk street as a central spine through the site, providing pedestrians with a connection from Main Street to Ocean Avenue through landscaped plazas lined with retail, restaurants and outdoor dining. A floating glass sky bridge over the entrance to the walk street welcomes residents and guests into the Village. The Santa Monica firm of Koning Eizenberg Architecture, acclaimed for its residential and cultural work, is the architect for the 160 affordable apartments. Mia Lehrer + Associates, renowned for its work with Santa Monica’s Annenberg Beach House and the Los Angeles River Revitalization, created the harmonious landscape plan.
“The Village is at the center of it all,” observes Andy Agle, director of housing and economic development for the city. “It is a block from the Santa Monica terminus of the new Expo Line and within easy walking distance to all major destinations including the beach, Civic Auditorium, 3rd Street Promenade, Ocean Avenue hotels and restaurants, Santa Monica Pier, Palisades Park and, of course, the stunning new Palisades Garden Walk and Town Square.”
“This is one of a few condominium projects to be financed in the past year,” noted Witte, who pointed out that The Resmark Companies is a partner in the 158 condominiums while Community Corporation of Santa Monica is a partner in the 160 affordable apartments. Construction financing is being provided by Wells Fargo Bank and HSBC.
“Resmark has a long history and successful track record as an investor in superior real estate properties throughout California. Our investment in The Village is representative of our investment philosophy and an ideal fit with the company’s portfolio of commercial and residential real estate. We are proud to be a partner with Related on this premier project in one of the most desirable oceanfront locations in Southern California,” said Robert N. Goodman, Chairman and CEO, The Resmark Companies.
The Village will generate 1,500 construction jobs over its 24-month building cycle with Charles Pankow Builders as general contractor. Completion is slated for January 2014.
About Related California
Related California (www.relatedcalifornia.com) is a fully integrated real estate firm that develops affordable and market rate multifamily and mixed-use residential properties in California. Since opening the west coast headquarters in 1989, the company has completed more than 8,900 residential homes throughout California. Related has partnered with over 20 municipalities in Northern California (San Francisco, Oakland, Richmond, San Jose) and Southern California (Los Angeles City, Los Angeles County, Orange County, San Bernardino County, San Diego City and San Diego County). The Related California portfolio includes more than $2.5 billion in developments.
About Related Companies
Related Companies is the most prominent privately owned real estate firm in the United States. Formed over 40 years ago, Related is a fully integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Related has offices and major developments in New York, Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida and boasts a team of more than 2,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. For more information, visit www.related.com
About The Resmark Companies
Founded in 1995, Resmark is a leading national private equity firm focused on real estate and powered by core foundational discipline and focus. A fully integrated real estate investment group, The Resmark Companies’ divisions — Resmark Land and Housing, Resmark Apartment Living and Resmark Shopping Centers — finance, acquire, develop and manage real estate in California and the Western United States and other select major metropolitan markets nationwide. To date, Resmark has participated in over 130 deals encompassing more than 21,800 single-family and multifamily residential units and representing over $6.6 billion in cumulative and anticipated revenues. Headquartered in Los Angeles, Resmark also maintains corporate offices in San Diego and La Jolla. For additional information, please visit www.resmark.com.