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Terrible Economy Delays Santa Monica's Center Civic Village

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[Renderings of SM Village via Moore Rubell Yudell]

The Santa Monica Daily Press is reporting that city officials are bracing themselves for delays in the start of the Civic Center Village, that 324-unit (a mix of affordable and market-rate housing) residential and retail development off Ocean Avenue that's being developed by Related Companies. Via the paper: "The ground breaking for the Civic Center Village has been pushed back to July 2010 as the developer, Related/Santa Monica Village LLC, has experienced challenges in securing financing for the project, causing uncertainty as to whether it could meet the original construction start date this summer, according to a recent staff report from City Hall's Housing and Economic Development Department." It's hard to tell what exactly the financing issues are, but state officials have frozen some of the funds slated for the affordable housing part of the project, according to the paper.
· Village project faces one-year delay [SMDP]
· The Village at Santa Monica, Part II: The Non-Affordable Part [Curbed LA]

Village at Santa Monica

Main St. & Olympic Dr., Santa Monica, CA