SANTA MONICA, CA-The City of Santa Monica plans to develop a mixed-use property on a 2.5-acre lot in Downtown Santa Monica estimated to cost $300 million. The property will feature a multilevel green space totaling 3 acres, although the site is only on a 2.5-acre lot, thanks to a creative design. The city has selected the team of Metropolitan Pacific Capital and Clarett West Development as developers, DLJ Real Estate Capital Partners to provide equity financing and The Office for Metropolitan Architecture, founded by Rem Koolhaas, to lead the design.
“We knew that we needed a world class design team to deliver the type of project Santa Monica deserves for this critical property,” says John Warfel, president of Metropolitan Pacific Capital. “We are honored to have been selected and look forward to a grand opening in 2018.”
Dubbed the Plaza, the property is located only one block from the Third Street Promenade on the corner of 4th and Arizona. The development will feature retail space on the ground floor and office space, affordable housing and a 225-room hotel throughout. Rooftop plazas on the upper levels will house 1.75-acres of green space and ground floor and second-floor parks will feature the remaining 3-acres of open, green space.
Plans for this development began accepting proposals in May 2012. The city council voted unanimously on the selection of these three firms last week, and will now move ahead with construction efforts.
Outdoor space is a key feature of the mixed-use properties in development, and developers are becoming more innovative in their integration of outdoor space. A mixed-use property under development in the Arts District in Downtown Los Angeles features ample outdoor space with rooftop gardens, a community courtyard and a public park.