{"id":1004036634,"date":"2012-02-17T06:39:14","date_gmt":"2012-02-17T14:39:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004036634"},"modified":"2022-12-06T12:19:07","modified_gmt":"2022-12-06T20:19:07","slug":"related-breaks-ground-on-350m-santa-monica-mixed-use-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/related-breaks-ground-on-350m-santa-monica-mixed-use-development\/","title":{"rendered":"Related Breaks Ground on $350M Santa Monica Mixed-Use Development"},"content":{"rendered":"

February 17, 2012<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n

\"\"<\/a>

A rendering of the Village at Santa Monica.<\/p><\/div><\/p>\n

Related California has begun construction on The Village at Santa Monica, a $350 million mixed-use community in the city\u2019s Downtown area. \u201cOur intent was to create the ultimate Santa Monica village,\u201d Bill Witte, president & CEO of Related, said. The development will contain 318 luxury condo units as well as affordable rental housing amid 20,000 square feet of retail.<\/p>\n

The mayor of Santa Monica also reiterated the city\u2019s backing of the project, stating that \u201cthe city\u2019s commitment to affordable housing is an integral part of this development.\u201d The Village will also have access to the Expo Line train system opens in 2015, connecting Santa Monica to nearby Los Angeles.<\/p>\n

The pipeline for multi-family development is opening, according to a survey of more than 150 industry professionals by services firm Jones Lang LaSalle Inc. A full 55 percent of respondents said that construction has begun due to an increase in NOI, while 49 percent claim it\u2019s due to the availability of financing. \u201cI think it\u2019s clear that with homeownership coming down, the rental space is probably the single strongest asset class in the United States right now,\u201d Michael Berman, CEO of CW Capital, said. \u201cWe\u2019re not seeing the high leverage we did in the past few years, so I think that will moderate what might otherwise look like a bubble.\u201d<\/p>\n

In the third quarter of 2011, multi-family properties in the Santa Monica submarket had just a 3.1 percent vacancy rate, a drop of 70 basis points from the year prior, according to Marcus & Millichap Real Estate Investment Services Inc. Average rents were $2,162, the highest in the Los Angeles area.<\/p>\n

The development will be located near the city\u2019s amenities, including the Santa Monica Civic Center Auditorium, which is slated to undergo a \u201csubstantial\u201d renovation, as well as the Santa Monica City Hall \u2013 which is also set to undergo a $50 million renovation.<\/p>\n

Related\u2019s designers for the project, Moore Ruble Yudell, led the master-plan development that included a central walking street along the development\u2019s core. Construction financing is provided by Wells Fargo and HSBC. The project\u2019s backers claim that the Village will generate 1,500 construction jobs during the 24-month building cycle. Completion is slated for January 2014.<\/p>\n","protected":false},"excerpt":{"rendered":"

Related California has begun construction on The Village at Santa Monica, a $350 million mixed-use community in the city\u2019s Downtown area. The development will contain 318 luxury condo units as well as affordable rental housing amid 20,000 square feet of retail. <\/p>\n","protected":false},"author":1201,"featured_media":1004038897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21782,21808,21752,21742,21749,15],"tags":[],"class_list":["post-1004036634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-development","category-featured","category-mixed-use","category-latest","category-retail","category-west"],"acf":[],"yoast_head":"\nRelated Breaks Ground on $350M Santa Monica Mixed-Use Development - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/related-breaks-ground-on-350m-santa-monica-mixed-use-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Related Breaks Ground on $350M Santa Monica Mixed-Use Development\" \/>\n<meta property=\"og:description\" content=\"Related California has begun construction on The Village at Santa Monica, a $350 million mixed-use community in the city\u2019s Downtown area. 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