Santa Monica construction on the rise

Large Santa Monica construction projects were affected like much of the nation after the economic collapse in 2008.  In California, dollar values of new construction fell abruptly, and the recession wiped away nearly 400,000 construction jobs.  It is safe to say that the ripple effect of lost construction jobs, nervous investors, lack of financing, and the sour economic mood affected construction projects in the prime property areas of Southern California which include: Santa Monica, Pacific Palisades, Malibu, Brentwood and Beverly Hills.  However, a turn-around seems to be taking shape for Santa Monica construction.

One excellent example is the $350-million dollar complex of retail and residential development that began construction this year on Ocean Avenue.  Named The Village at Santa Monica, it is a mix of luxury condos and affordable apartments with commercial at grade.  This development is also one of the few residential complexes currently under construction in the county of Los Angeles, which bodes well for the future of Santa Monica construction.

Once construction at The Village is complete, it will have over 300 units with restaurants, retail stores, plazas, and gardens throughout most of the ground floor. Approximately half of the units will be reserved for affordable housing, which is a testament to the city of Santa Monica’s commitment to a diverse community.  Hopefully, The Village at Santa Monica will be a catalyst of development for Santa Monica construction.

Written by Miguel Luna for Avalon Construction Corp

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