Related Gets $385M Construction Loan for Mixed-Use Project in Santa Monica
By Greg Cornfield February 6, 2023 1:30 pm
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Related California is set to launch its next major mixed-use development in Southern California thanks to new construction financing from Bank of America (BAC).
The West Coast affiliate of Related Cos. announced Monday it secured $385 million for the project named 710 Broadway, set to rise in Downtown Santa Monica near the intersection of Lincoln Boulevard and Broadway. It calls for 280 apartments, a 30,000-square-foot private park, 35,000 square feet of retail space, and a 55,000-square-foot Vons supermarket.
The Large Architecture-designed development is set to break ground next month and finish construction in the fourth quarter of 2025.
The units in 710 Broadway will be available to residents with a range of income levels, including below market rate and affordable units, via a partnership with the Community Corporation of Santa Monica, a nonprofit that restores affordable housing.
Related California manages $8.3 billion in assets, including the renowned Grand LA in Downtown L.A. designed by Frank Gehry. Related also manages The Tasman East Residences, a 1,600-unit development adjacent to Related Santa Clara, a mixed-use development; and Related Bristol in Orange County, which features 3,750 apartments, and 350,000 square feet of retail, restaurants, senior living space and a hotel.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
