LOS ANGELES-Locally based Wiseman Development and Maxxam Enterprises have unveiled plans for 63 residential units atop 12,000 sf of ground-floor retail at a new $60-million development called Santa Monica Plaza at the northeast corner of Santa Monica Boulevard and Federal Avenue in West Los Angeles. The developers recently secured entitlements for the project, which will be developed on a site that formerly was occupied by some small apartment buildings, a parking lot and a small retail building.

The project, which is being designed by the Santa Monica-based firm of Killefer-Flammang Architects, will be situated on 35,000 sf of land, spread over five contiguous parcels. The joint venture of Maxxam and Wiseman assembled the site through negotiations over a one-year period with three different sellers, culminating in the purchase of the final parcel in January 2006.

Michael Soroudi, a principal with Maxxam, says that the project will benefit from its location on a major thoroughfare and its close proximity to both the I-10 and I-405 freeways. The City of Los Angeles, which has recently begun promoting smart mixed-use projects along major transit corridors, offered the developers several incentives and bonuses, including increased height along Santa Monica Boulevard.

The developers say that several national retail tenants have already expressed interest in leasing the retail . The residential units may be offered for sale or for rent, depending on the direction of local market dynamics as the project nears completion. Groundbreaking is scheduled for next year.

The Santa Monica Plaza project will add to growing portfolios owned by both Maxxam and Wiseman. Headquartered in Beverly Hills, privately held Maxxam specializes in the acquisition of value-added properties as well as the development and repositioning of unique assets. Its portfolio comprises retail, office, hotel, industrial, residential and mixed-use properties throughout California, Hawaii and the Western US.

Wiseman, based in West Los Angeles, is a family-held firm that was founded in 1980. It specializes in residential development and the acquisition of commercial and residential real estate in West Los Angeles, Brentwood and Hollywood. Wiseman's portfolio includes apartment complexes, condominium projects, office buildings and retail properties.