Los Angeles, Culver City and Santa Monica Commercial Real Estate Expo Line Development
It’s true that Los Angeles is going development crazy, but one particularly hot spot is the commercial development along the Expo Line from Santa Monica through Culver City to Downtown. Rents near the line have risen sharply as commercial developers count on this to continue the development momentum.
Last July LA approved a plan to allow taller mixed-use buildings near the five Expo stations in Palms, Rancho Park, Sawtelle, Cheviot Hills and Mid City.
Curbed LA did a recap of the major projects at the link below that also includes a map of the major projects underway.
I’ll recap a couple of the projects west of the 405 and into Santa Monica.
- First, is the Martin Expo Tower at Olympic and Bundy in West LA. Dana Martin and family are replacing their Cadillac GMC dealer with a major mixed-use project that will feature 516 units of multifamily housing with a 10,000 sq. ft. public space and 81,000 sq. ft. of retail. Santa Monica and Los Angeles commercial Realtors and agents will be pleased with the additional net lease inventory. Project has been delayed while a NIMBY lawsuit worked its way through the courts, but now the project is ready to go. Construction will begin shortly.
- Second, is the Colorado and 15th station in Santa Monica. One would think that there would be a flurry of Santa Monica commercial real estate development activity around this one, but that’s not the case. Closest is a 50 unit building that’s also been very quiet lately. This area in Santa Monica has much potential, but between the recalcitrant and NIMBYs, nothing much yet. Santa Monica commercial real estate for sale has been and is available on the streets to the north of the station with the old post WWII buildings. So, Santa Monica commercial realtors have had plenty to do over the years, me included.
- Third, 500 Broadway, Santa Monica has a seven-story mix use underway to replace the Fred Segal. This one received enthusiastic support from the Santa Monica Planning Commission who generally isn’t very enthusiastic about any commercial real estate projects in the city. The project will include 68,000 sq. ft. of Santa Monica retail for lease plus 250 apartments. Project is expected to be complete in 2021.
- Fourth and last is a relatively small six story building with 64 multifamily units and 6,345 sq. ft. of ground floor retail space. Project was developed by MWFA. Frankly, not all that much exciting with this one.
Check out the link to Curbed LA for detail for the remainder of the projects from the west side to downtown Los Angeles.
I don’t expect any of this to result in any Santa Monica commercial real estate for sale for us Santa Monica commercial Realtors. Frankly, the same goes for the rest of the Los Angles commercial real estate projects as it’s very unlikely any will be for sale. We’ll certainly be happy with some new triple net retail space to lease out. That said, if you have any questions or interest, contact me, Scott Harris Realtor at 310-473-4789.