As most Santa Monica residents know, Sears closed its store located at 302 Colorado Ave in April of last year. What has been much speculated but not entirely divulged is what exactly was going to happen to the venerable 70-year-old building.
Seritage Growth Properties has chosen to leverage the buildings unique architectural style and its prime location to create a multi-use space sure to please even the most skeptical Santa Monica resident.
This renovation is a perfect example of creative repurposing that developers are moving towards with a growing number of now vacant anchor and big-box stores. While the exterior of the historic Art Deco building will remain untouched, the interior will soon be home to sun-drenched offices for rent with a rooftop garden and a market hall where vendors sell food, drinks and other wares such as books or clothing.
The only structural change will be an additional story added via the attic space. This addition will create an outdoor deck fully landscaped with killer ocean views. This space will be offered as an amenity only for the office space occupants, a definite added bonus for what will no doubt be a pricey space.
The average price per square foot in Santa Monica is $6.00 a month, twice as much as downtown LA. Seritage is not concerned about filling the space, however, and suitors are already vying for space. As business buildings go this space will be a kind of oasis among the other more typical office buildings, so for those who are looking for a space that is a unique cut above the rest this definitely fits the bill.
The renovation slated to cost approx $50 million will highlight the upscale, trendy direction that Santa Monica has strived to create over the last decade. “It’s a premier, crown-jewel asset — definitely one to be excited about,”
The property comes well situated with the western end of the Expo line across the street.
The Mark as it will now be called will be home to 50,000 sq ft of office space, as well as a “market hall” on the ground floor and room for 32 vendor stalls. To allow for natural light at the lowest levels, holes will be cut in the floor plates in the middle of the building, creating a light and airy space that is both functional and fabulous!