Related California, the West Coast affiliate of the nation’s most prominent privately-owned real estate firm, today announced $385m in construction financing for 710 Broadway, a mixed-use development that will be a gateway to downtown Santa Monica. Located at the intersection of Lincoln Boulevard and Broadway, the development is designed by LARGE Architecture with interiors by the AD100 Designer Marmol Radziner and landscaping by the acclaimed Studio-MLA. The investment is a testament to Related California’s experience delivering complex developments across the West Coast.
710 Broadway will offer 280 rental apartments for a range of income levels including below market rate and affordable units in partnership with the Community Corporation of Santa Monica—a Santa Monica-based nonprofit organization that restores, builds and manages affordable housing for people of modest means. Once complete, the development will also feature a 30,000-square-foot private park, 35,000 square feet of community-serving retail and a 55,000-square-foot state-of-the-art Vons supermarket operated by the Albertsons Companies, Inc., one of the largest food and drug retailers in the U.S. Groundbreaking is anticipated for March 2023 with completion Q4 2025.
Bank of America, one of the world’s leading financial institutions, is providing construction financing.
“For more than 30 years, Related California has been transforming neighborhoods across the West Coast,” said Gino Canori, president of Related California. “We are excited to undertake this monumental development in Santa Monica, which is further proof of the power of public-private partnerships delivering much needed mixed-income housing in Los Angeles County.”
“We are proud to continue our legacy of executing complex developments while expanding our existing footprint in West Los Angeles in thriving Santa Monica,” said Larry Wilkes, vice president at Related California. “The centralized location offers convenient access to the best of the area—the Pacific Ocean, the mountains, culinary destinations and more—and we look forward to delivering a new hub for the community.”
710 Broadway builds on the momentum of the growing Related California portfolio outlining more than $8.3 billion in assets owned and under development across the state including The Grand LA, designed by renowned architect Frank Gehry and a 24-7 destination for shopping, dining, entertainment and hospitality, as well as a paradigm-shifting place to live, The Grand by Gehry, in Los Angeles; The Tasman East Residences, where Related is spearheading the development of 1,600 apartments, adjacent to Related Santa Clara; as well as Related Bristol in Orange County, a vibrant mix of 3,750 apartments, 350,000 square feet of retail including shops, restaurants, cafes, outdoor spaces and experiences, senior living and a hotel.
For high resolution imagery of 710 Broadway, please visit: https://related.box.com/s/4purwnqrq1p5g3zqxhjupbw3butogup2.
About Related California:
Related California, the West Coast affiliate of Related Companies, is a fully integrated real estate firm that develops multifamily residential and mixed-use properties in California.
Since 1989, Related California has undertaken a range of transformational developments from best in class luxury high rise residential properties to the redevelopment of obsolete public housing, spanning a broad spectrum of urban infill, affordable, mixed-income and market rate multi-family developments. The company has a development portfolio of more than 18,000 residential units completed or under construction, and more than 5,200 affordable and 7,600 market rate units in pre-development.
Related California has a long history of community partnership, having collaborated with more than 40 municipalities and over 30 non-profit organizations throughout California, and has successfully developed and managed a broad range of property types throughout Alameda, Contra Costa, Los Angeles, Orange, Sacramento, San Bernardino, San Diego, San Francisco and Santa Clara counties. Related California has developed more than $8.3 billion in assets and has a track record of consistently developing communities that exceed industry benchmarks in design, construction, sustainability and property management. For more information about Related California, visit www.relatedcalifornia.com.