The big mixed-use The Village at Santa Monica, in the works for years, finally broke ground today. The Village--from New York developer Related, as well as Resmark Cos. and nonprofit developer Community Corp. of Santa Monica--will cover three acres near Santa Monica's Civic Center, the under-construction Santa Monica Common and Ken Genser Square parks, and the Expo Line terminus. Tall by Santa Monica standards, the mixed-use project will rise up to 10 stories, feature 158 luxury condos, 160 affordable apartments, 20,000 square feet of retail, and walkable plazas and gardens, including a public walk street between Main Street and Ocean Ave. Architects Moore Ruble Yudell designed the master plan and the condos, while Koning Eizenberg drafted the apartments.
As one can imagine, the condos won't come cheap--they'll probably start at around $700,000 or $800,000, reports the Los Angeles Times Sales are scheduled to start in 2013, with the condos opening in January 2014. Apartments are expected to range from $600 for a studio to $1,300 for a three-bedroom (they will be restricted by income).
Interestingly, the parcel the development sits on was once used as veteran housing before the city sold it to the Rand Corp. in the 1950s, bought it back in 2000 for $53 million, then sold it to the developers. Santa Monica is becoming the epicenter of LA County development, with numerous projects (see here and here for just a few examples) springing up near the Expo Line, which will reach the city in 2015 or '16.
· The Village at Santa Monica, Part I: The Affordable Part [Curbed LA]
· The Village at Santa Monica, Part II: The Non-Affordable Part [Curbed LA]