Related Breaks Ground on $350M Santa Monica Residential Project
- Feb 17, 2012
Related California, an affiliate of the Related Cos., started construction Feb. 16 on a $350 million mixed-use project in the seaside city of Santa Monica. Dubbed the Village at Santa Monica, the project is scheduled for completion in 2011 and will incorporate 318 luxury condominium units and affordable rental apartments feature around 20,000 square feet divided into retail and restaurant space.
The design by the noted architectural firm of Moore Ruble Yudell calls for open space in the form of walkable plazas and gardens, press release stated. Related is partnering with the Resmark Companies for the 158 condominiums and with the Community Corporation of Santa Monica for the 160 affordable rental units. Wells Fargo and HSBC are providing project funding.
Adjacent to the RAND corporation’s headquarters on Ocean Avenue, the Village project is located near a number of local attractions such as the Third Street Promenade, Main Street as well as a host of different hotels and restaurants. Also in the pipeline is the nearby Palisades Garden Walk & Town Square project, a $55 million, 7-acre project designed by James Corner and scheduled for a 2013 opening.