A Gelson’s grocery store along Lincoln Boulevard could soon become a 521-unit mixed-use development after plans were proposed to the City of Santa Monica. Should it receive approval, the project, which would be known as Lincoln Center, would likely begin construction in 2024.
The planned project is located at 2601-2645 Lincoln Boulevard and would include ten five-story buildings complete with residential space, 36,000 square feet of commercial space and 880 parking spaces. The property is owned by SanMon Inc., an affiliate of Balboa Retail Partners. The investment company is partnering with local architecture firm Koning Eizenberg Architects and developer Cypress Equity Investments to deliver the project.
The project’s residential component would consist of a mix of unit types, with 17 percent studios, 44 percent one-bedroom and 39 percent two bedroom units. There would also be 53 units set aside for very low income housing, with rents at $700 per month for studios, $800 per month for one-bedroom units and $900 for two-bedroom units.
While the onsite grocery store would be demolished to make way for the mixed-use development, the retail component has been designed to continue servicing the neighborhood with a full-service grocery store as well as other ground floor retail and restaurant uses.
The project also includes open space and outdoor seating common areas for the commercial tenants. Additionally, the development would include private open space for residents.
The property is also near a number of other retail assets, with nearby businesses like Whole Foods, Walgreens, Chick-fil-A and 7-Eleven, among others. The property will also be near a number of public transportation options, with Santa Monica’s Big Blue Bus Service stopping just a short walk from the property, offering easy access to Downtown Santa Monica and the Los Angeles International Airport. The property is also walking distance to the Santa Monica Pier, Santa Monica State Beach and Venice Beach.
Property records show that the retail center was purchased by Balboa Retail Partners for $20 million in 2017. Balboa Retail Partners is a real estate investment company that acquires and manages real estate across the nation. Currently, the company owns 5.8 million square feet of retail assets valued at $1.2 billion.
Neither Balboa Retail Partners nor Koning Eizenberg Architects responded in time to comment on this story.
