Three developers have been selected as final candidates to develop a vacant, 37-acre parcel near Santa Monica Municipal Airport.
Eight companies applied to develop the city-owned land, which is part of a 200-acre parcel that includes the airport. Located on the south side of the airport, the property was slated for development in 1984 after the city redesigned the one-runway field.
Santa Monica City Manager John Jalili, a member of the five-member municipal committee, said the city will collect $3.2 million to $6.1 million in annual lease revenues from the project once it is completed and fully leased. Construction is scheduled to begin in 1989 and will take four to nine years to complete, depending on the plan selected, Jalili said.
Jalili said the committee used three primary criteria to assess the proposals: the company's track record, the amount of revenue that would be generated and the quality of the design.
The developer will be required to build a child care center.
"Because the site is so near the airport, we couldn't build anything residential and (we) have to stick to office or research and development space," Jalili said. "There will be a lot of people working out there, so we thought a child care center was a good idea."
The committee chose the following companies:
Goldrich & Kest Industries of Los Angeles and Olympia & York, a joint venture which has proposed the largest development, a 1,650,000-square-foot complex with 11 four- to six-story buildings. Most of the $200-million-plus complex would be devoted to office space with some retail stores and restaurants and a 8,850-square-foot child care center. The company estimates that it would take four to eight years to complete.
Reliance Development Group of New York, which has proposed a 1,272,000-square-foot complex with nine four- to six-story buildings, most of which would be offices. The project would also contain a movie studio complex, retail stores and a 3,600- to 6,300-square-foot child care center. Construction is estimated at seven to nine years and $176 million to $180 million.
Watt Investment Properties, Inc. of Santa Monica, which has proposed a 1,230,000-square-foot complex with 16 four- to six-story buildings, including offices, a media conference center, small museum, athletic club and 4,000-square-foot child care center. The company estimates the $144-million project would take nine years to complete.
Jalili said the committee is scheduled to make its final selection this summer. The City Council will hold a public hearing before making its final decision.
Models of the proposed complexes are on display in the lobby of Santa Monica City Hall.