Major New Investments in Downtown Santa Monica Accelerate the City’s Economic Recovery
November 29, 2022 2:09 PM
SANTA MONICA, Calif. — The City of Santa Monica is pleased to announce 14 new business developments coming soon to downtown Santa Monica, amounting to billions of dollars in planned investment that will accelerate Santa Monica’s recovery from the COVID-19 pandemic and redefine its downtown leading up to major international events such as the 2026 FIFA World Cup and LA28 Olympics. Projects planned for the area include mixed-use developments across residential, hospitality, retail, and fitness industries, ranging from new construction concepts to revitalization of existing infrastructure.
“As we work to rebuild our local economy, the range of new investments in downtown are a positive sign for the City’s future which expand access to world-class amenities through innovative mixed-use developments and reinvigorate historic properties for contemporary uses,” said Santa Monica’s City Manager David White. “These new investments bring real community benefits including affordable housing, public open space, and access to arts and culture, plus provide sought-after retail and hospitality.”
New investments include:
- The Miramar Santa Monica — Santa Monica City Council approved plans for the redevelopment of The Miramar Santa Monica hotel that builds on the historic identity of the 4.5-acre City Landmark-designated property, designed around the iconic Moreton Bay Fig Tree and historic Palisades Building. The project, which will include 312 hotel rooms, 60 condominiums, banquet facilities, retail space and a spa, will improve circulation by bringing all parking on-site and will provide a minimum of 42 deed-restricted affordable apartments located in a 100% affordable housing building to be developed by a nonprofit housing provider on an adjacent site that currently serves as a parking lot. The project incorporates significant new areas for public access and enjoyment, with over 50% of the site to remain open space including 14,000 square feet of Public Garden Terraces, with programmed events, public art, and new food and beverage offerings. Removal of existing walls and fences will enhance pedestrian access along Second Street, Wilshire Boulevard, and Ocean Avenue. The California Coastal Commission has approved the project, which will now move to City design review anticipated in early 2023. The project is designed by iconic architect Pelli Clarke Pelli Architects.
- Ocean Avenue Project — Santa Monica City Council approved plans for a mixed-use, LEED Platinum-certified project at the northeast corner of Santa Monica Blvd. and Ocean Ave, designed by world-renowned architect and Santa Monica resident Frank Gehry. The project includes a 120-room hotel, commercial space, 100 residential units including rent-controlled and affordable housing, and a museum showcasing Frank Gehry's illustrative career and historic archives, plus a public rooftop observation deck, interlaced by pedestrian “paseos” that are also open to the public.
- 710 Broadway — Related California has plans to redevelop the Vons grocery store site on the southwest corner of Broadway and Lincoln Blvd. The new eight-story, mixed-use building will include 280 multi-family homes, 84 of which will be affordable residences for low- and moderate-income households, above 99,085 square feet of ground-floor commercial space which will house a new, upgraded Vons grocery store, commercial gym, and restaurant space with outdoor seating. The project will also include 354 parking spaces in a two-level subterranean garage, including grocery parking. A modernized and expanded grocery store and additional retail spaces will benefit business employees and residents as well as the vitality of downtown Santa Monica as a whole. With a central location adjacent to the Broadway Bike corridor and proximity to light rail stations, the project plays a role in addressing traffic congestion. The project is slated to break ground in early 2023 and be completed in early 2026.
- Santa Monica Collection — Real estate owner and developer Tishman Speyer is advancing plans for eight mixed-use and residential buildings called the Santa Monica Collection. The project will be constructed in two phases and consist of 620 units, 19% of which will be affordable. While Tishman Speyer has long been active in the region, this is its first ground-up residential development in the Los Angeles market.
- 516 Colorado Avenue — A formal application has been submitted and a Planning Commission review is anticipated in December 2022 for a 74-room hotel being planned for 516 Colorado Ave. Designed by Howard Laks Architects, the proposed project would also include a small ground floor outdoor dining area facing Colorado Avenue and the adjacent Metro E Line, a rooftop bar and restaurant, fitness center, a business center, and a banquet room.
- 1404 Third Street Promenade — Real estate agency Blatteis & Schnur, Inc. has plans for a 22,500 square-foot three-story new development designed by Reed Architectural Group and described as a “built to suit retail flagship” opportunity located on the first block of the Third Street Promenade. The new development marks the first new building proposed on the Promenade since the Apple building was approved a decade ago and boasts approximately 50 feet of high-profile frontage facing the Promenade within the sightlines of Santa Monica Blvd., two blocks from Ocean Avenue and three short blocks from the Santa Monica Pier. No tenant has yet been announced. (Nearby, on this same block of the Promenade, Blatteis & Schnur, Inc. are bringing McConnell’s Fine Ice Creams to Santa Monica).
- Gold’s Gym — Gold’s Gym makes a triumphant return to Santa Monica in 2023 with plans for a flagship location that celebrates their legacy as the most iconic brand in fitness. The location at 1202 3rd St. will be 45,000 square feet, spread over three floors, offering members state-of-the-art weight machines and equipment with an emphasis on serious fitness. The vibe inside will be reminiscent of Gold’s storied epicenter of the bodybuilding world, ‘The Mecca’ just a couple miles down the road in Venice Beach, featuring the famous green wall, while also showcasing the gym as the home of the next generation of weightlifting enthusiasts. Design and construction will focus on using sustainable, renewable and energy efficient materials, as well as operational utilities employing a unique approach to maximizing energy savings for heating and cooling of the space.
This announcement builds on other positive economic signs announced earlier this year including recent economic trends and quarterly sales tax. In the past year, the City of Santa Monica has approved over 950 new business permits across multiple industries. Technology and innovation remain one of Santa Monica’s leading economic sectors in addition to continued significant growth in the City’s transportation sector. From cutting-edge mobility operators and delivery models to an increased presence of electric vehicles and charging stations, the City continues to assert itself as a center for green innovation and is a thriving landscape for the testing and implementation of new technologies.
All forthcoming projects are at different stages of development; some projects are ready to be completed while others are seeking permits or have not yet broken ground. For a complete roundup of everything that’s continuing to shape the City’s vibrant local economy of over 9,000 businesses and 90,000 workers, visit santamonica.gov.
Download images here & a map of new investments here.
Acting Public Information Officer