By Jorge Casuso

February 6, 2023 -- One day after Vons market closed its doors, Related California announced Monday it has secured $375 million in financing to build a 280-unit apartment development on the prime Downtown site.

710 Broadway rendering (Courtesy of Related California)

The plans to redevelop the site on the southwest corner of Broadway and Lincoln Boulevard call for an eight-story, mixed-use building with 99,085 square feet of ground-floor commercial space that will house a new upgraded Vons.

The plan also includes 196 market-rate units and 84 affordable units for low- and moderate-income households, 354 parking spaces and 523 bicycle spaces in a two-level subterranean garage, a commercial gym and restaurant space with outdoor seating.

The project at 710 Broadway, which is designed by LARGE Architecture, is scheduled to break ground next month, the developer said. Construction is expected to be completed in late 2025.

City officials have said the 34,000 square feet of retail space "will benefit business employees and residents as well as the vitality of downtown Santa Monica as a whole.

"With a central location adjacent to the Broadway Bike corridor and proximity to light rail stations, the project plays a role in addressing traffic congestion," officials said.

According to report Monday in The Real Deal, "Related is using a combination of tax-exempt bond financing and regular loans for construction."

Loan documents filed with L.A. County show the developer "also locked in a $175 million credit facility from the State Teachers Retirement System of Ohio," the real estate site wrote.

"Related is also leveraging $175 million in tax-exempt bonds issued by the California Municipal Finance Authority, a state joint powers authority that can raise funds for affordable multifamily construction by issuing cheaper bonds."