After planning and negotiations spanning more than a year, Santa Monica residents may soon have a new mixed-use retail and residential complex, Santa Monica Plaza, at Santa Monica Boulevard and Federal Avenue in West Los Angeles.
Groundbreaking is planned for later this year. A joint venture of Wisemanand Maxxam Enterprises, the project will feature 63 residential units atop 12,000 sq. ft. of ground-floor retail space, and several national retail tenants have expressed interest. The plaza will be located on 35,000 sq. ft. spread over five parcels.
“We plan to deliver a project of exceptional quality that will enhance the neighborhood through sophisticated urbanand distinctive retail amenities,” says Michael Soroudi, principal with Maxxam Enterprises.
The City of Los Angeles has promoted mixed-use projects along major transit corridors, and offered the developers several incentives and bonuses, including increased height along Santa Monica Boulevard.
The complex, with an expected value of about $60 million on completion, would benefit from the location along a major thoroughfare, with two nearby freeways.
Developers say the residential units may be offered for sale or rent, and that decision will depend on local market conditions as the mixed-use project nears completion.