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Wednesday, April 03, 2013

Malibu Company Acquires Santa Monica Property

Marquis Property Company Ltd of Malibu, has acquired the one-acre development site at the corner of Ocean Avenue and San Vicente Boulevard in Santa Monica from Trammell Crow, with “plans to begin construction on the planned 20 ultra-luxurious villa homes and penthouses in 2014.” 
All plans, permits and project materials have been transferred to Marquis, including the project website, www.301ocean.com. The current plan was developed by Architect Howard Laks (Santa Monica) and Designer Michael Lee (Malibu), a press release states.
“Lee was named by Architectural Digest as one of the Top 100 Designers in 2009, and is known for creating one-of-a-kind architectural masterpieces. The proposed project is described as ‘Malibu lifestyle on Ocean Avenue,’ with relaxed Mediterranean motifs, distressed wood, antique doors and fixtures, and French limestone terraces coexist with contemporary elements in an effortless harmony.
“The villas feature generous proportions of 4000 to 6000 square feet per unit, with private elevator access into each residence from individual parking garages below,” the release states.
“The residences boast dramatic views of the Pacific Ocean, Malibu coastline, and Santa Monica Mountains. This will be the first condominium project to be built in the last 20 years on Ocean Avenue.”
Marquis is holding discussions with various lenders regarding construction financing for the fully-entitled project, and is also interviewing condominium project managers.  Marquis  plans to retain the current marketing team of Chris Cortazzo and Ron DeSalvo of Coldwell Banker Previews International to market the units.  
“Marquis Property Company, Ltd. is a privately held commercial real estate development and management company based at its Malibu lifestyle center, Point Dume Village, at the corner of Heathercliff and PCH.  Marquis purchased PointDume Village in 2005, and remodeled and upgraded the center in 2007-8, while replacing a number of the stores. The Pavilions anchored center, which Marquis likes to call “Malibu's local community center,” is now 98% leased. Marquis is applying for permits to add a parking deck to the busy center. The company is an active investor in Southern California”

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