Downtown Santa Monica To Welcome 14 New Business Developments

SANTA MONICA, CA — Downtown Santa Monica will get a bit more crowded, as the city announced Tuesday that 14 new business developments are coming soon.

The new developments are part of a planned investment to help Santa Monica recover from the challenges of the COVID-19 pandemic and prepare for major international events such as the 2026 FIFA World Cup and the LA28 Olympics.

“As we work to rebuild our local economy, the range of new investments in downtown are a positive sign for the City’s future which expand access to world-class amenities through innovative mixed-use developments and reinvigorate historic properties for contemporary uses,” said Santa Monica’s City Manager David White. “These new investments bring real community benefits including affordable housing, public open space, and access to arts and culture, plus provide sought-after retail and hospitality.”

Planned projects will serve various purposes such as mixed-use developments across residential, retail, hospitality and fitness, ranging from revitalizing existing infrastructure and new construction.

The list of new businesses includes:

• The Miramar Hotel in Santa Monica — The city council approved redevelopment plans for the hotel around the Moreton Bay Fig Tree and the historic Palisades Building. The building will have 312 hotel rooms, 60 condominiums, banquet facilities, retail space and a spa. It will also provide 42 deed-restricted affordable apartments on an adjacent site.
• Ocean Avenue Project — This project will include a 120-room hotel, commercial units, 100 residential units and a museum that showcases work from the building's designer, world-renowned architect Frank Gehry.
• 710 Broadway — The Vons grocery store on the corner of Broadway and Lincoln Boulevard is getting an upgrade that will transform it into an eight-story mixed-use building with 280 multi-family homes. Of those, 84 will be affordable residences for low and moderate-income households. Below, the 999,085 square feet ground floor will include an upgrades Vons, a commercial gym and a restaurant space with outdoor seating. The project will break ground in early 2023 and is expected to be completed in 2026.
• Santa Monica Collection — Eight new mixed-use and residential buildings will pop up around the area developed by Tishman Speyer and called the Santa Monica Collection. The addition will consist of 620 units with over 100 of those being affordable.
• 516 Colorado Ave. — A 74-room hotel on 516 Colorado Ave will be in review stages starting in December. The building will include an outdoor dining area, a rooftop bar and restaurant, fitness center, a business center and a banquet room.
• 1404 Third Street Promenade — A new three-story and 22,500 square feet development is in the world, but has no current tenant. This is the first new building proposed on the Promenade since the Apple building was approved a decade ago.
• Gold's Gym — The gym will return in 2023 at 1202 3rd St. and will be 45,000 square feet spread over three floors. The city said the design and construction of the facility will focus on using sustainable, renewable and energy-efficient materials and will maximize energy savings for heating and cooling the space.