Eight Mixed-Use Projects Will Add 500 Housing Units

Last Updated: May 25, 2012 12:03pm ET

About this Ad

Sign Up Today

This is more activity than we have seen in many years in Santa Monica, says Deschaine.

(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)

SANTA MONICA, CA-With at least eight mixed-use projects combining residential and retail either under construction or in planning stages, the city currently has approximately 500 units of housing in the pipeline. A major impetus for the development is the Expo Light Rail line, which is due for completion in 2015, but factors such as high downtown demand and easily available capital are also fanning the flames, according to Lee & Associates-L.A North/Ventura Inc.

The projects represent a combination of redevelopments and ground-up projects with a majority of the residential component consisting of rental apartments along with some condominiums. Each project will contain approximately 50 to 100 units of residences.

This is more activity than we have seen in many years in Santa Monica, says Christine Deschaine, a principal of Lee & Associates, who is preleasing one of the projects underway and advising on another. It is being fueled by several factors: high demand for apartments in the Santa Monica downtown core and the availability of financing mostly from private-equity firms and construction lenders.

Deschaine is representing SeventhandArizona LLC in the leasing of the retail portion of a mixed-use project at Arizona Ave. and 7th St. The project, which has not yet broken ground, is slated to open in late 2013. She has also been advising Century West Partners in Los Angeles, a joint venture formed by real estate heavyweights Steve Fifield, head of Fifield Cos. in Chicago, and Michael Sorochinsky, founder of locally based Cypress Equity Investments, on another project here. The joint venture has additional projects in the planning stages here.

Santa Monica has long been an outstanding trade area for retailers because of its demographics, tourism and the critical mass of stores located there, says Sorochinsky, whose company strategy is to acquire assets in value-add space throughout Southern California and to develop class-A multifamily and mixed-use property in strong infill locations. Now, with a renewed focus on housing, it is going to be even more attractive to retailers.

Visit link:
Eight Mixed-Use Projects Will Add 500 Housing Units