Santa Monica
Santa Monica is in the midst of a development boom, with many developers working on projects in the area. Firms such as Cypress Equity Investments, LaTerra Development and Related Cos., as well as nonprofits like the Community Corp. of Santa Monica, are all looking to make additions to the coastal city. Most projects planned in the area include a housing component, with some retail and hotels on tap as well.
– Hannah Madans Welk
Additional Content:
 LA Rising: 5 Questions with Tara Barauskas
Key Projects
Santa Monica Collection
Location: 1650 Lincoln
Description: New York-based Tishman Speyer acquired eight development sites spread across 3.1 acres in Santa Monica. It plans to create 620 apartment units and 31,000 square feet of retail at the site. Of the 620 apartments, 116 will be designated as affordable units.
Developer: Tishman Speyer
Architect: KFA
Estimated Completion: 2024
The Charlie
(2822 Santa Monica Blvd.)
Location: 2822 Santa Monica Blvd.
Description:The property at 2822 Santa Monica Blvd., which is part of The Charlie, will have 50 apartments, four of which will be affordable units. It also has approximately 10,000 square feet of retail, a fitness center and a coworking area.
Developer: LaTerra Development
Architect: : Tighe Architecture
Estimated Completion: Summer 2022
The Charlie
(1450 Cloverfield Blvd.)
Location: 1450 Cloverfield Blvd.
Description:The project has 34 units, three of which are affordable housing units. It also has around 8,500 square feet of retail and will be three stories tall when completed. It is part of The Charlie development.
Developer: LaTerra Development
Architect: Tighe Architecture
Completion Date: Summer 2022
The Charlie
(2225 Broadway)
Location: 2225 Broadway
Description:The building, which is part of La Terra’s The Charlie, will have 15 units, two of which are designated affordable units, once completed. It will also have some retail space.
Developer: LaTerra Development
Architect: Tighe Architecture
Estimated Completion: Summer 2022
BY THE NUMBERS
Office (Q1)
Inventory: 8.2 million square feet
Vacancy: 22.3%
Under construction: 45,243 square feet
Net absorption: 6,450 square feet
Asking rent for Class A properties: $6.28 per square feet
Source: Jones Lang LaSalle Inc.
Retail (Q1)
Vacancy rate: 33.5%
Average asking rate: $5.82
Net absorption: (37,041) square feet
Source: CBRE Group Inc.
Multifamily
Average asking rent per unit in Santa Monica: $3,394
Vacancy in Santa Monica: 5.5%
Average asking rent per unit in L.A.: $2,219
Vacancy in L.A.: 4%
Source: Colliers
Hotels
Â
In Planning
Miramar Hotel Santa Monica (redevelopment) at 101 Wilshire Blvd.: 312 rooms
Frank Gehry Hotel Santa Monica at 101 Santa Monica Blvd.: 125 rooms
Frank Gehry Ocean Ave Hotel Site 1327-1337 Ocean Ave: 125 rooms
Bergamot Station Hotel at 2525 Michigan Ave.: 120 rooms
HI Santa Monica Addition at 1436 2nd St.: 40 rooms
Shore Hotel Expansion at 1515 Ocean Ave.: 14 rooms
Source: Atlas Hospitality Group
