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6/23/15
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Three new restaurants are scheduled to open this summer at Ocean Avenue South, Related California’s luxury residential development located on famed Ocean Avenue in Santa Monica. The restaurants are Joan’s on Third™, Herringbone and eLOVate.
Joan’s on Third™ in Santa Monica marks the company’s first independent licensed operation. It is managed by Executive Chef John Schenk, who is committed to bringing Joan’s vision to Santa Monica and will open at the end of June. Herringbone, featuring celebrity chef Brian Malarkey, is slated to open in July and eLOVate, featuring celebrity chef Roberto Martin, will open in August.
Designed by Moore Ruble Yudell, Ocean Avenue South is a $350 mil development including two luxury condominium properties, The Waverly and The Seychelle, plus a 160-unit affordable apartment development The property features unique urban spaces, terraces, public art, large landscaped private and public plazas, and 20k sf of ground floor retail and restaurant space with outdoor dining. The 158 luxury condominiums are approximately 75 percent sold and the 160 apartment units are 100 percent leased. The last remaining restaurant space available is 3k sf along Ocean Avenue, adjacent to Herringbone.
CBRE retail experts Zachary Card and Casey Jahn are handling leasing for the project and represented the developer, Related California, in these deals.
With an extremely low retail vacancy rate of 2.8 percent, the demand for restaurant space is at record-high levels in Santa Monica, he added. “This area is a top tourist destination with 7.3 million visitors a year and proximity to 8.7 million square feet of office space in the market, dubbed Silicon Beach due to the tech, creative, and entertainment companies, all of which is creating unprecedented demand from renowned restaurants.”
Ocean Avenue South is adjacent to the $55 mil Tongva Park and has direct access to Pacific Coast Highway, as well as the I-10 and I-405 Freeways. It is located near Santa Monica State Beach, Third Street Promenade, with over 500 shops and restaurants, Santa Monica Place, anchored by Nordstrom and Bloomingdale’s, Fred Segal, Santa Monica Civic Auditorium, the Downtown Civic Core and Business District, Shutters, Casa Del Mar and Lowes Beach Hotel.
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