Related California nabs $385M construction loan for 710 Broadway in Santa Monica
280 apartments and a Vons supermarket to break ground in March 2023
February 2, 2023
With a construction loan now in hand, Related California is set to begin work in the coming months on a large mixed-use apartment complex at the intersection of Lincoln Boulevard and Broadway in Downtown Santa Monica.
This week, the West Coast arm of Related Cos. announced that it had secured $385 million in construction financing from Bank of America for its 710 Broadway development, which was initially proposed in 2020. The project, which would replace a Vons and its parking lot, calls for the construction of a new eight-story building featuring 280 apartments above roughly 90,000 square feet of ground-floor commercial space - including a new Vons location to replace the existing supermarket. A large, park-like open space spanning roughly 30,000 square feet is also proposed at the center of the building.
Approvals for 710 Broadway require that 84 of the new apartments be set aside for rent at below market rates, with units restricted to households earning between 30 percent of the area median income limit and the moderate-income level. Community Corp. of Santa Monica is partnering on the project as the manager of the affordable units.
LARGE Architecture is designing the project, which was previously described a staff report to Santa Monica's Architectural Review Board as has having curvilinear form along Broadway to the north, folds facing 7th Street to the west, and waves along Lincoln Boulevard to the east. Proposed exterior finishes include brick facade, glass, and wood accents.
Other members of the design team include Marmol Radziner, which is handling interiors, and landscape firm Studio MLA.
A groundbreaking for 710 Broadway is scheduled for March 2023, with completion expected in the fourth quarter of 2025.