BROADWAY — A plot currently occupied by the shell of a mini-mall and a parking lot could be replaced by a 7-story, 330,000-square-foot mixed-use development project.

Many businesses inside the Fred Segal building on the corner of Broadway and Fifth Street were asked to leave in May. City Council will take its first look at the project proposed to replace the old building at its next meeting.

The Fred Segal building across the street will remain.

If council gives the nod, city officials and developer DK Broadway LLC will begin the development agreement negotiations over the project. Council would get another chance to look at the project before its final approval.

The proposal consists of approximately 39,600 square feet of ground floor commercial area, and 262 residential units across four 84-foot buildings.

Parking is addressed through a four-level, 577-space underground garage.

Developers plan to have a grocery store on the ground floor. A gym may also be included on the ground floor.

Planning Commissioners were generally supportive of the designs when they reviewed the project in July.

Commissioners noted that it was challenging to evaluate the project given that City Hall is in between planning documents. A Downtown Specific Plan, which will dictate land-uses in the area for years to come, is in its very early stages. Some parts of the project adhere to the current interim planning document but not the draft of the Downtown Specific Plan and vice versa.

About half of the 262 units would be 1-bedroom apartments with about 20 percent being studios and another 20 percent being 2-bedrooms. The remaining 10 percent would be 3-bedrooms.

Community benefits could include expanded sidewalks, a contribution to open space projects and historic preservation, electric vehicle charging stations, a local hiring provision, and affordable housing.

Affordable housing could be placed off-site through Community Corporation of Santa Monica, the largest affordable housing provider in the city.

If placed on-site, the developer is studying the feasibility of including 27 affordable units.

City Hall’s report says that a 3,800-square-foot publicly-accessible plaza could be built on the corner of Broadway and Fifth Street. Outdoor dining and seating areas would be provided in that area.

If approved by council, the project will have to go before the Planning Commission again – this time for a formal review. It would then come back to council. Assuming council gives final approval of the project, the Architectural Review Board will make its final assessment.

The development agreement process could take more than a year and the project proposal could change substantially over that time.

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