May 7, 2025 Breaking News, Latest News, and Videos

New Santa Monica Place Management Aims to Restore Mall as “Heart and Soul” of Community

The firm plans to attract new retailers and restaurants in anticipation of the 2028 Olympics

Commercial real estate firm Prism Places has taken over management of Santa Monica Place, a high-profile but financially troubled mall near the Pacific Ocean, amid ongoing efforts to revive the retail center’s fortunes.

The 527,000-square-foot outdoor shopping complex is now under the operational control of Prism following its appointment by Trigild, the court-appointed receiver that assumed oversight last month after longtime owner Macerich defaulted on a $300 million loan tied to the property.

Santa Monica Place, originally designed by architect Frank Gehry and renovated in 2010 at a cost of $265 million, has suffered a dramatic 59% decline in value—from $622 million to $255 million—over the past several years. Retail vacancies and declining foot traffic have plagued the property, once seen as a cornerstone of the city’s downtown shopping district.

Prism’s appointment comes as the Westside of Los Angeles continues to recover from a series of devastating fires and broader challenges facing Southern California’s commercial real estate market. In a statement, Prism founder and CEO Stenn Parton said the company aims to restore Santa Monica Place as “the heart and soul of this community,” citing both the area’s resilience and recent policy changes as grounds for cautious optimism.

“Santa Monica has had its challenges even before the fires,” Parton said. “The neighborhood of Pacific Palisades has endured so much loss—my home included.”

Though Parton pointed to Santa Monica’s continued desirability and affluence, the mall’s recent history paints a more complex picture. Once anchored by brands such as Bloomingdale’s and ArcLight Cinemas—both of which vacated a combined 150,000 square feet in 2021—the mall has struggled to retain tenants and shoppers. Pop-up events and short-term activations have had limited success reversing the downward trend.

Prism, which manages other Southern California assets like RUNWAY Playa Vista and Pasadena Commons, brings a track record of repositioning distressed properties. The firm says it plans to attract new retailers and restaurants in anticipation of increased regional visibility leading up to the 2028 Los Angeles Olympics.

Santa Monica Place remains adjacent to the popular Third Street Promenade, which has also been affected by shifting consumer habits and commercial vacancies. Parton said his firm sees potential for synergy between the two districts.

“Santa Monica and Santa Monica Place will be on display as one of the most dynamic destinations in the world,” he said.

<>Related Posts

Loyola High School Senior Athlete Killed in Suspected DUI Crash in Manhattan Beach

May 6, 2025

May 6, 2025

Former Palisades Resident Moved to the South Bay After Losing Home in Fire Braun Levi, a senior at Loyola High...

(PHOTOS) Stevie Nicks’ Former Marina del Rey Condo Hits Market at $3.9M

May 6, 2025

May 6, 2025

The 2,091-square-foot condo occupies the second floor of a 1972-built structure and features sweeping ocean views A beachfront condominium in...

Marathon From Altadena to Palisades to Raise Funds For Recovery Efforts

May 6, 2025

May 6, 2025

The course will pass through checkpoints, including stops in Eagle Rock, Silver Lake, Hollywood, and Santa Monica Runners will traverse...

‘A Wonderful Place for the Community’: Urban Jungle Celebrates One Year Anniversary

May 5, 2025

May 5, 2025

From soil to sanctuary, Urban Jungle, an indoor and tropical plants nursery, is celebrating one year of business this spring....

Los Angeles County Declares Hepatitis A Outbreak as Case Numbers Triple Over Previous Year

May 5, 2025

May 5, 2025

Health Officials Urge Residents to Get Vaccinated Amid Rising Infections  The Los Angeles County Department of Public Health has declared...

Vending Kiosks Pop Up Around Santa Monica to Expand Access to Health Supplies

May 5, 2025

May 5, 2025

Each station offers access to COVID-19 antigen test kits, naloxone, fentanyl test strips, and more In an effort  to combat...

Santa Monica Could Require Large Buildings to Cut Emissions

May 5, 2025

May 5, 2025

A public meeting to discuss the proposal and gather community feedback is scheduled for May 8 Santa Monica is preparing...

Dolphin and Sea Lion Deaths on Venice and Santa Monica Beaches Linked to Harmful Algae Bloom

May 5, 2025

May 5, 2025

While algal blooms and domoic acid outbreaks have occurred, this particular bloom has reportedly impacted more animals than in recent...

Palisades Real Estate Market Faces Mounting Inventory, Falling Land Values Amid Rebuild

May 5, 2025

May 5, 2025

Price reductions are becoming more common, with weekly drops steadily increasing. Still, well-priced lots in desirable locations are finding buyers ...

Prices Spike in Brentwood, West Hollywood, and Santa Monica Amid Post-Fire Housing Rush

May 5, 2025

May 5, 2025

Displaced Families Are Reshaping Los Angeles’ Housing Market on the Westside Home sales and prices across Los Angeles surged in...

Three Charged with Faking Ties to Palisades in FEMA Fraud Scheme

May 5, 2025

May 5, 2025

Federal prosecutors said the defendants submitted false claims following the devastating January 2025 wildfire Three people have been charged in...

Summer at Crossroads: Students Create, Grow and Learn Over the Summer

May 4, 2025

May 4, 2025

A catalog of programs and classes has opened for Summer at Crossroads, an immersive experience for students to continue to...

‘Missing Puzzle Piece’: Santa Monica Fire Department Partners with Wise & Healthy Aging

May 4, 2025

May 4, 2025

Support Services Lead to Reduction in Frequent Emergency Calls A collaborative effort between the Santa Monica Fire Department and Wise&Healthy...

Golfers Stunned as Plane Lands at Golf Course Instead of Santa Monica Airport

May 4, 2025

May 4, 2025

No injuries reported after unexpected landing in Pacific Palisades On Friday, a Cessna 172  that was unable to complete its...

LADWP Hosts Women’s Career and Wellness Expo to Highlight Utility Jobs

May 4, 2025

May 4, 2025

IBEW Teams Up with LADWP to Advance Gender Equity in Public Utilities The Los Angeles Department of Water and Power...