Related's Santa Monica Vons Project Locks In $385M Construction Loan
Related California's residential and retail project that would replace a Vons in downtown Santa Monica, California, scored financing that will allow it to break ground next month.
The West Coast affiliate of Related Cos. announced it has secured $385M in construction financing from Bank of America for 710 Broadway, which would hold 280 apartments of varying affordability levels, a new 55K SF Vons market, 35K SF of retail and a 30K SF park.
“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," Related California President Gino Canori said in a statement.
Of the 280 apartments, 84 will be deed-restricted affordable for low-income and moderate-income households. Related California said the below-market-rate units were made possible through a partnership with the Community Corporation of Santa Monica.
Designed by Large Architecture, the project is scheduled to break ground in March with completion in late 2025.
Though Santa Monica has a reputation for fighting against new, large-scale developments, there are several in the works for the coastal city, including Worthe Real Estate Group's Ocean Avenue project, which will have 100 residential units and a multiphase Tishman Speyer residential project that will have 620 units when complete.