Item 10D.
Santa Monica Place Development
Agreement Cancellation
City Council
May 9, 2023
Santa Monica Place Development Agreement Cancellation
Staff Recommendation
• Adopt a finding of no possibility of significant environmental effect pursuant to CEQA Introduce for first reading of an ordinance to cancel the Development Agreement (13DEV-010) pertaining to a movie theater complex at Santa Monica Place Authorize the City Manager to take all necessary implementing actions related to cancellation
Background
• April 22, 2014 City Council entered into a Development Agreement with Macerich for a movie theater on 3rd floor of Santa Monica Place, 315 Colorado Avenue. • Conversion of then-vacant retail space required additional building height to accommodate theater. • Interim zoning regulations required Development Agreement for the additional building height, pending completion of the Downtown Community Plan (DCP). • Theater built and operated; all associated community benefits delivered.
Santa Monica Place Development Agreement Cancellation
Staff Recommends
• Theater operations ceased in 2020 and cancellation request initiated by Macerich to facilitate a new use of vacant tenant space (DA terms are structured for single-purpose theater use) • Today’s DCP allows for the building height without a Development Agreement. • Key community benefits required by the 2014 Development Agreement were satisfied concurrently with completion of construction and operation of the movie theater. • Facilitating the reuse of this anchor tenant space for a visitor- and community-serving immersive art use, or other permitted use, will help support the overall economic recovery efforts of both the City and private property owners in Santa Monica’s Downtown.