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The Santa Monica City Council on Monday approved the development agreement for a Frank Gehry-designed project on Ocean Avenue, a major step for a project that has been moving through the development process since at least 2013.
Developed by the Worthe Real Estate Group, the mixed-use project would contain a 120-room hotel, 41K SF of retail and public space, and 100 apartments, including 25 deed-restricted affordable units and 19 rent-controlled units.
As part of the deal with the city, Worthe will relocate and restore two landmarked buildings at 1333 and 1337 Ocean Ave. as part of a 35K SF museum and cultural campus. The developer will also give about $2.2M toward local transportation infrastructure and $2.16M toward parks and recreation projects.
The Ocean Avenue development has undergone a number of changes in the years since it was first proposed, including a haircut from 22 stories to 12. The buildings would go no higher than 130 feet, which is the tallest height allowable under the community plan that governs downtown Santa Monica, where the project is located.
The project still needs approvals from the California Coastal Commission and the city of Santa Monica's Architectural Review Board and Landmarks Commission, but after ticking those boxes, Worthe can file for building permits with the city.
Worthe and Gehry have teamed up on another project at the Burbank Studios lot, where a joint venture between Worthe and Stockbridge Real Estate Fund is building 800K SF of offices. The project is due to complete in 2023, Urbanize reported.
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