Trammell Crow Sells Ocean Avenue Development Site For $21 Million

Friday, 12 Apr 2013, 8:54:00 AM

Brenton Garen

A rendering of the villa homes and penthouses to be built on Ocean Avenue. A Malibu developer acquired the project from Trammell Crow for $21 million.
Courtesy Rendering
A rendering of the villa homes and penthouses to be built on Ocean Avenue. A Malibu developer acquired the project from Trammell Crow for $21 million.

Malibu-based Marquis Property Company Ltd has acquired

the one-acre development site at the south corner of Ocean Avenue and San

Vicente Boulevard in Santa Monica to build 20 “ultra-luxurious” villa homes and

penthouses.

Marquis acquired the one-acre site at 301 Ocean Avenue

from developer Trammell Crow for $21 million.

All plans, permits, and project materials have been

transferred to Marquis with construction scheduled to begin in 2014. 

The current plan was developed by Santa Monica-based

Architect Howard Laks and Malibu-based designer Michael Lee.

The villas will be 4,000 to 6,000 square feet per unit,

with private elevator access into each residence from individual parking

garages below.

Marquis said this would be the first condominium project

to be built in the past 20 years on Ocean Avenue.

The project’s site currently contains a 47-unit vacant

apartment complex that was built between 1952-1958. Attempts to have the

complex designated as a city landmark were denied by the City Council in July

2009.

Santa Monica’s Planning Commission unanimously approved

the development in August 2010; the City Council gave its stamp of approval in November

2010.

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