The applicant, DK Broadway LLC, hopes to knock down the building that was for years filled with boutique retail stores and add a 330,344-square-foot mixed-use development project consisting of about 39,600 square feet of ground floor commercial area, 262 residential units, and 577 parking spaces within a four-level subterranean parking garage.
The site is just a few blocks from the incoming Expo Light Rail station, slated to open in late 2015 or early 2016.
In May, some businesses located inside Fred Segal’s 500 Broadway building were asked to move out as development plans moved closer to reality. Fred Segal’s building across the street, at 420 Broadway, won’t be impacted by the construction.
The development would be 84 feet tall, a magic number in the Downtown, where City Hall is studying a height cap at that exact number. The cap is part of a key planning document, one of several in the draft phase.
In the meantime, an interim planning document requires developers to work through the development agreement process for “projects located in the Downtown Core land use designation with proposed buildings exceeding 32 feet in height.”
Preliminary community benefits could include widened sidewalks, a publicly accessible plaza, contributions to open space and historic preservation, and a local hiring provision.
The applicant is currently exploring off-site affordable housing opportunities with Community Corporation of Santa Monica (CCSM), the city’s largest affordable housing provider.
“CCSM has advised the applicant their preference of an off-site option whereby CCSM would own and manage the affordable units,” city officials said in a report.
When the project went before the Architectural Review Board in February, a representative from the developer said that they’d like a grocery store, like a Whole Foods or Trader Joe’s, to go in on the ground floor, along with a fitness club, restaurant, coffee shop, and some retail. A wine bar could be added in the alley, he said.
After the commission reviews the project, it will go before the council for a float-up review. It will then return to the commission for an official hearing. The commission will make recommendations to council, which will review the project officially in a final hearing.