The project, a joint venture with New Valley, LLC, is now rising at the southeast corner of 5th Street and Broadway - formerly the site of a Fred Segal store. Plans call for a seven-story edifice featuring 249 apartments, 55,000 square feet of ground-floor retail space.
The contemporary mid-rise building, designed by Koning Eizenberg Architecture, will incorporate a large rooftop green space in addition to multiple ground-floor plazas.
"We conceived The Park as a complete neighborhood concept, or 'a community within a community,'" said Alex Witkoff, Executive Vice President of Witkoff in a statement. "Our aim is to create an inviting destination for the broader community as well as a sophisticated, engaging residential experience."
The project, which is located a few blocks from the Expo Line's Downtown Santa Monica Station, is on pace to open in 2021.
A similar development is planned by WS Communities at the opposite corner of 5th Street and Broadway.
Witkoff and New Valley previously developed the $300-million Edition Hotel & Residences on the Sunset Strip.
- 500 Broadway (Urbanize LA)