If you're on the case for a development-friendly market, Santa Monica might be the place to be. Exhibit one: developer Metropolitan Pacific Capital has $140 million in projects in the development pipeline in the People's Republic, including a 64,000 square foot mixed-use project on the Third Street Promenade, two new mixed-use apartment buildings with a total of 78 units and 17,000 square feet of retail, and a new 12 theater multiplex cinema. MPC Principal John Warfel told Curbed today that it's possible to find that rare bird--adequate financing--in Santa Monica: "The Santa Monica market is healthy enough to justify projects likes this...Lenders are comfortable in this market."
The biggest of MPC's projects is a planned redevelopment of the Criterion Theatre complex on the Third Street Promenade. The property is currently fully leased, and, according to Walfer, MPC is working with current tenants on reconfiguring the complex into a high-end retail center. The developer is planning to include 37,000 square feet of retail, 32 apartment units, and 12,500 square feet of office space.
MPC is also in the entitlement process on that redevelopment of the city-owned parking structure on Fourth and Arizona. That $40 million redevelopment will result in a 12 screen AMC Cinema, an IMAX theater, restaurants, and 3,000 square feet of retail.
But for those of you who like to see shovels in the ground, MPC is also currently in construction at Santa Monica Blvd. and Sixth St. on a 40 unit apartment project with 8,500 square feet of ground-level retail and a 38 unit apartment project with 8,200 square feet of ground-level retail at Santa Monica Blvd. and Second Court (the latter is the former site of the Mayfair Theater, which suffered catastrophic damage in the 1994 Northridge Earthquake).
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