$385 million in construction finance has been acquired in favor of the 710 Broadway development in Santa Monica, California. This was announced by the project developer, Related California. The latter also revealed that the monies came from the Bank of America.
The first day of construction of the 710 Broadway development in Santa Monica is scheduled for next month, with completion scheduled for the fourth quarter of 2025. As part of the project, the Community Corporation of Santa Monica will be partnered with. They will provide affordable housing options for people of all income levels.
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The project is located near the intersection of Broadway and Lincoln Boulevard in Santa Monica’s Downtown. The development will have 280 apartment units, of which 30% will be reserved for low-income and middle-income homes. Furthermore, a 30,000 square-foot private park.
Additionally, there will be 35,000 square feet of retail space and a 55,000 square foot Vons supermarket. These spaces were designed by Large Architecture. This construction will open a new exciting chapter for Related California as well as Santa Monica itself. It advances the city’s goal of being a thriving market attraction with appealing living quarters and amenities.