Case Study
Santa Monica Redevelopment Site
Santa Monica Redevelopment Site
1003-1007 Olympic Blvd., Santa Monica, CA
- Property Type: Industrial
- Size: 16,590 SF
- Date Closed: 08/29/2022
Challenges
- Client requirement for acquisition for purposes of EV supercharging site.
- Limited land inventory in the Santa Monica submarket
- Emergency Moratorium banning projects on commercial lots without residential components (with some exceptions)
Solutions
- Researched zoning and code regulations surrounding clients’ operations to navigate complex barriers to entry
- Comprehensive analysis of use-specific site selection requirements
- Conducted in-depth evaluation of local political landscape, leveraged local relationships with key players driving decisions to understand zoning, use regulations, and multi-year delays in similar projects
Results
- Advised buyers through the site selection and negotiation process by navigating the intricacies of the client’s business requirements and land use regulation
- Located a rare double lot land opportunity with no conditional use permit required
- Client was able to leverage income from existing tenant to offset costs during the permitting and entitlement process