Over $1 Billion in Planned Investment Indicates Continued Resurgence of Downtown Santa Monica

13.06.24 19:00 Uhr

SANTA MONICA, Calif., June 13, 2024 /PRNewswire/ -- Downtown Santa Monica, Inc. (DTSM, Inc.), is pleased to announce 24 new businesses coming soon to Downtown Santa Monica and the world-famous Third Street Promenade, indicating significant capital investment and positive economic growth for the future of the district. Projects planned for the area include brands and businesses across experiential, entertainment, retail and dining and new concepts whose presence is facilitated by the City's simplification of zoning and permitting rules. Additionally, over $1 billion is currently being invested in hospitality projects across new construction and renovations, including the mixed-use Ocean Avenue project designed by Frank Gehry and the redevelopment of The Miramar Santa Monica. Over 2,300 units of housing are either under construction, approved or pending approval in Downtown.

"The investment happening in Downtown Santa Monica reflects the ongoing commitment to revitalization and economic development in the area," said DTSM, Inc. CEO Andrew Thomas. "The diverse number of new developments either planned or under construction underscore the confidence that still exists in the city's vitality as a premier destination for growth and future projects."

Among the new businesses planned for 2024 is the anticipated return of Barnes & Noble, fitness brand JD Sports, variety store MINISO and craft milk tea brand Odd One Out on the Promenade as well as Brazilian steakhouse Fogo de Chão on Ocean Boulevard. Several new concepts are planned for Santa Monica Place for 2025, including the world-renowned Chinese restaurant Din Tai Fung which will have an indoor/outdoor location with ocean views, the first U.S. flagship location for ARTE MUSEUM, Korea's most popular media art exhibition space boasting 48,000 square feet of immersive space and Club Studio's cutting-edge fitness experience combining boutique fitness classes and luxury amenities into one gym.

DTSM, Inc. developed and supported the City of Santa Monica's efforts to update zoning ordinances and permitting requirements to help facilitate new development and leasing in a rapidly evolving retail landscape. Concepts opening in the district made possible by these transformative measures include award-winning AJA Vineyards wine tasting, Candles on Tap custom candle bar and Rooftop Cinema Club open-air film venue (planned for parking structure six). Downtown also remains a sought-after destination for brands to host short-term pop-ups that create immersive consumer experiences. These temporary activations support the local economy and have become an important part of the retail mix downtown. Notable pop-ups throughout the last year included the fan-favorite World of Barbie experience, Teenage Mutant Ninja Turtles, BTS Exhibition: PROOF and a Star Wars exhibit. Pop-ups planned for 2024 include Accidentally Wes Anderson: The Exhibition (May - June) and Santa Monica Spheres: Haibu's World (July).

"I've completed more deals in Santa Monica than anywhere else in the last two years, a number of which have been with women-owned and -focused businesses such as Tia: Women's Health Clinic," said Senior Vice President of Kennedy Wilson Brokerage Christine Deschaine. "These transactions have not only bolstered the local economy but also reflect the confidence established brands, developers and entrepreneurs have in the downtown district."

In addition to development and leasing, DTSM, Inc. works to reactivate public spaces with a full schedule of events, activations and cultural programming which boosts foot traffic Downtown. In the past year, DTSM, Inc. produced 29 events, partnered with producers to bring 27 additional events to the Downtown and oversaw 24 third-party events and brand activations. The final quarter of 2023 saw a 9.3% increase in visitors to the Promenade, totaling one million, with each visitor spending an average of one hour and 17 minutes Downtown. In total, Downtown Santa Monica hosted 80 events with notable partnerships such as 626 Night Market, Conscious Market and Solidarity & Celebration: A Black History Month Festival.

Growing attendance numbers and consistently high turnout for events are a clear indication that the downtown remains a popular destination for locals and visitors alike, including the Ice at Santa Monica skating rink (124,000+ visits; $1.1 million revenue), SaMo Pride Festival (11,500+ attendees) and Easter Celebration (8,400+ attendees). New programming continues to activate public gathering spaces Downtown with recently launched event series for Chess Sundays, Movie Fridays and the first-ever art fair on the Promenade, LA Art Space, which welcomed over 4,000 attendees during its inaugural event in March of 2024.

While forthcoming projects are all at different stages of development, the varied capital investment and recent surges in foot traffic signify economic trends continue to move in a positive direction in Downtown Santa Monica. To access the latest data collected by DTSM, Inc. visit DowntownSM.com/Data-and-Research.

About Downtown Santa Monica, Inc.
Downtown Santa Monica, Inc. (DTSM, Inc.) is a private non-profit 501c(3) that works with the City of Santa Monica to manage services and operations in Downtown Santa Monica that promote economic stability, growth and community life within Downtown Santa Monica. DTSM, Inc. manages the Property-based Business Assessment District (PBAD) that encompasses the area bounded by Ocean Avenue (W), Wilshire Boulevard (N), Lincoln Boulevard (E) and the Santa Monica Freeway (S). For more information, please visit DowntownSM.com.

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SOURCE Downtown Santa Monica, Inc.