Shoring is now in progress at 500 Broadway, where plans call for the construction of a seven-story building featuring 249 studio, one-, two-, and three-bedroom apartments and 55,000 square feet of ground-floor retail. Plans also call for a four-level, 200-car basement parking structure.
The project, designed by Koning Eizenberg Architecture, will be split into four distinct masses connected via pedestrian bridges. Large courtyards are planned at ground-level between each building section, providing outdoor dining and open space for residents.
The Real Deal reports that Witkoff recently obtained a $31-million mezzanine construction loan for the project. Completion of 500 Broadway is now anticipated in 2021.
As with other Downtown Santa Monica developments, the project is required to either provide on-site affordable housing or off-site housing in the near vicinity. In the case of 500 Broadway, its developer provided funding for a 64-unit supportive housing development that opened last year on Lincoln Boulevard.
500 Broadway will rise across the street from a small commercial building at 501 Broadway, which WS Communities is planning to redevelop with a similar mixed-use apartment complex.
The Witkoff Group's other major Los Angeles area project is the EDITION Hotel and Residences, which is wrapping up construction on West Hollywood's Sunset Strip.
- 500 Broadway (Urbanize LA)