A vacant Sears building in downtown Santa Monica is on the verge of a $50-million renovation, and new renderings show how the changes will open the space up, preparing it for future office tenants and retailers, the Los Angeles Times reports.
Property owners Seritage Growth Properties, a real estate trust that owns 253 Sears and Kmart stores, plan to rename the building Mark 302. The former Sears will undergo a battery of upgrades—seismic retrofitting, the addition of an atrium, cutting up the building’s floors to allow for columns of natural light to flood the space, the creation of a fourth story, and the addition of a lush, landscaped rooftop deck.
The property already comes with the added bonus of being just across the street from the western end of the Expo Line.
Once the work is complete, Mark 302 will accommodate 50,000 square feet of office space and 32 stalls on the ground floor and in the basement—a “market hall”—to hold retailers.
Seritage expects one “Silicon Beach-type tenant” to lease all the available office space. The adaptive reuse of the building still leaves some space for “more development in the future if the city approves,” possibly even for housing, says the Times.