Construction is underway for the former Sears building in Downtown Santa Monica to convert the property into a new site for office, retail and food businesses.
While some internal demolition had occurred in recent months, fencing went up around the project this week as significant construction is scheduled to begin in the coming days.
The rehabilitated building, under the new name Mark 302, will convert the existing 94,186 sq. ft. historic Sears Main Building into a mixed-use commercial development. The basement and first floor will be converted into a food/retail area of about 11,720 sq. ft. The second and third floors will become office space. Building work includes a seismic retrofit and the independent garden center on the property would remain unchanged.
The store at 302 Colorado Blvd. closed in April of 2017 following the sale of the location to a real estate investment company. In July of 2015, Sears created a new independent, publicly traded real estate investment trust named Seritage. The new company took control of 235 Sears/Kmart stores and joint ventures with several mall operators including Simon Property Group, General Growth Properties and the Santa Monica based Macerich Company. Under the terms of the $2.7 billion deal, 224 stores were leased back to Sears but Seritage has the right to end some of those leases and find new uses for the property. Seritage exercised that right for the Santa Monica location.
The new owners said the project is appealing to a variety of business due to its location and the redesigned interior will appeal to multiple kinds of companies.
“Construction has begun to convert an iconic building at the gateway to Santa Monica into a breathtaking office and retail destination,” said Benjamin Schall, President and Chief Executive Officer of Seritage Growth Properties. “This innovative project will provide office tenants with an abundance of indoor and outdoor space, spectacular views of the Pacific Ocean, and a vibrant mix of street-level restaurants and retail at the intersection of 4th Street and Colorado Avenue.”
The new name references the building’s landmark status and its address. The preserved exterior will largely remain intact with a few modifications that will increase window space throughout the project but the interior and roof will be substantially changed.
LA Realty Partners is the leasing broker for the project.
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