Looking back on the biggest real estate stories of the year for Santa Monica
As 2022 comes to a close, here are the top 10 real estate stories for Santa Monica
NYC-Based Developer Finalizes Acquisition of Major Santa Monica Residential Development Site
January 7, 2022 – An NYC-based developer has finalized its first LA-area acquisition, which will bring 620 apartments and 31,000 square feet of retail across eight new buildings in Downtown Santa Monica. Full article here.
Santa Monica College Investigating Options to Build Housing for Poor and Unhoused Students
February 4, 2022 – Santa Monica College is considering building student housing for low-income and unhoused students. Full article here.
Santa Monica Parking Structure Set for Demolition
March 8, 2022 – The City of Santa Monica is set to begin the demolition of a downtown parking structure to make way for affordable housing. Full article here.
Coastal Commission Issues Permits for Fairmont Miramar Hotel & Bungalows Redevelopment
March 12, 2022 – The California Coastal Commission has approved plans to redevelop the Fairmont Miramar Hotel & Bungalows, authorizing demolition and construction permits for the project. Full article here.
Former Home of the ‘Godmother of Santa Monica’ up for Sale
June 10, 2022 – The former home of the “Godmother of Santa Monica” is now up for sale for $22 million as reported by The Real Deal.com. This historic estate that sits on one acre of land is located at 1707 San Vicente Boulevard and has eight bedrooms and five and a half baths. It has a view of the Riviera Country Club’s golf course. Full article here.
Frank Gehry Hotel Approved by Santa Monica City Council
July 25, 2022 – Santa Monica City Council has signed off on a Frank Gehry-designed apartment that will bring 120 rooms, 100 apartments and 38k square feet of retail space to Ocean Avenue. Full article here.
Developer Demolishes 77-Year-Old Promenade Property to Make Way for Sleek Three-Story Building
September 9, 2022 – Developer Blatteis & Schnur Inc. has demolished a 77-year-old building on the Third Street Promenade with plans to build a three-story structure with large glass walls. Full article here.
Housing Element Approved but Not Before 16 Residential Developments Bypass Local Zoning Rules
October 22, 2022 – The City of Santa Monica’s Housing Element was finally approved by the HCD on October 14, in advance of the deadline which shut the door on projects that would be automatically approved due to HCD rules. The grand total of projects that slipped through while the City’s Housing Element was still not compliant was 16. These projects are medium and high-density projects that will stand anywhere between nine and 15 stories tall, much taller than most approved structures in the city. Full article here.
Oracle Looking to Sell Santa Monica Office Space
November 18, 2022 – A large tech company seems to be moving out of Santa Monica as reported by The Real Deal.com. Oracle, a software company based in Austin, Texas has put the office space at 2600 Colorado Avenue up for sale according to Avison Young’s marketing documents. Full article here.
Mini Mixed-Use Development Planned for Third Street Neighborhood Historic District
November 13, 2022 – Redcar Properties has plans for a parking lot that is near the beach in Santa Monica as reported by Urbanize Los Angeles and the project went before the Santa Monica Planning Commission on November 2 for review. Redcard Properties already owns the site at 2668 2nd Street. Full article here.