March 29, 2016
A new mixed-use urban environment is set to arise on the Fred Segal site at 500 Broadway in Santa Monica. A joint-venture between Beverly Hills-based KRE Capital and affiliates of New York-based Dune Real Estate Partners received Planning Commission approvals for 500 Broadway, a seven-story, more than 260-unit multifamily project.
The property was purchased from Fred & Michael Segal in May 2012 and envisioned as a transit-oriented project, given the sites’ proximity to the Expo Light Rail, slated to open in May. The upscale retailer is relocating to Runway Playa Vista.
Santa Monica-based Koning Eizenberg Architecture’s design concept for 500 Broadway encompasses a collection of four elegant buildings, none taller than 84 feet, set atop ground floor retail. The project will include a unique mix of studio, one, two and three -bedroom residences.