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 Wiseman Development and 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 urban design and 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.