More than two years after the design was approved, which itself was more than a year after its preliminary hearing, construction work is finally set to begin on the eight-story, mixed-use building at 501 Broadway as soon as the plan check process is complete.
With building work already underway at the substantially-sized 710 Broadway location, formally the site of the Vons superstore, the downtown portion of Broadway at least is set to become a bustling hive of heavy machinery.
The site, located on the northeast corner of 5th and Broadway, will feature 7,260 square feet of ground-floor retail space and a three-story underground garage, apparently offering subterranean parking for 72 vehicles and 163 bicycles. Also included will be 61 one-bedroom units, 19 two-bedroom units and 14 three-bedroom units together with 19 on-site affordable apartments.
In addition to a publicly-accessible plaza at ground level, the project will also include private amenities for residents such as a rooftop deck and a central courtyard. It’s expected to be completed at some point in 2025 and will also directly face another relatively recent contribution to Downtown gentrification, The Park, the seven-story, 249-apartment structure that’s also home to Trader Joe’s.
A flurry of additional projects are also all under way. Called the Santa Monica Collection, it’s a portfolio of eight development sites across a total of 3.1 acres in the Downtown district and includes the site at 501 Broadway. The first phase of development encompasses four residential buildings with 340 rental apartments and approximately 18,700 square feet of street-level retail.
According to real estate agency Tishman Speyer, this initial first round of development will include 83 affordable apartments, 56 of which will be housed within a 100 percent affordable senior living building at 711 Colorado Ave, which is scheduled to be completed in late 2024.
"Downtown Santa Monica’s proximity to beautiful beaches and mountains, along with its vibrant local lifestyle, make it one of the region’s most attractive places to live and work," said Tishman Speyer Senior Managing Director Paul DeMartini. "We are proud to partner with the local community on the Santa Monica Collection, which will deliver a critical mass of quality new housing options for individuals and families across a wide spectrum of income levels."