LOS ANGELES--(BUSINESS WIRE)--Linwood Ventures and Lincoln Property Company have completed a $7 million transformation of the popular food court on the Third Street Promenade in Santa Monica. The stark 1990s design has given way to a 21st century, upscale, open-market feel with plenty of natural light. The updated two-story food hall, now called The Gallery, features a mix of indoor and outdoor seating and the only elevated dining deck on the Promenade. It also features an irrigated “greenwall” made of succulents and other plants. The three levels above The Gallery feature office space including a new 5,000 square foot Penthouse space with high ceilings and open layout to accommodate creative and technology-driven tenants in Santa Monica.
As part of the overhaul by Linwood and Lincoln, the entire building has been renovated from the inside out, including its elevators, HVAC and electrical systems, a full seismic retrofit, and premium finishes throughout, including porcelain mosaic tile, custom signage and graphics, suspended vintage objects and chairs made from recycled Coca-Cola bottles in the food hall. On the two retail floors, the interior was demolished and completely renovated for new tenants. Finally, the completed building has a new exterior, façade, and illuminated signs.
“Given this property is one of the most popular destinations on the Promenade, we wanted to continue to fulfill the desire for fast-casual dining options, but also make the space a beautiful place to be,” said David Binswanger, Executive Vice President of Lincoln Property Company. “The renovations have allowed us to create a true central gathering space for the 50,000 people who visit this part of Santa Monica every day, while bringing more creative office tenants to the Promenade.”
The food hall will feature up to 10 restaurant operators serving a variety of high-quality cuisine. Now that renovations are completed, Lincoln and Linwood are in the process of selecting new tenants for the project and look forward to announcing more details in the coming months.
“We are very happy to have executed our vision for this property,” said Scott Schonfeld, Principal of Linwood Ventures, who acquired the property in a joint venture with Lincoln in January 2014. “We couldn’t ask for a better location, and we believe the multi-million dollar renovation will allow the property to live up to its potential as the modern gathering space and dining anchor for the Third Street Promenade. As tenants begin to roll in, we look forward to seeing the property continue to come to life.”
One of the most popular destinations in Southern California, the Third Street Promenade is internationally known as a nexus of stores, restaurants, farmer’s markets, movie theaters and street performers. The Promenade includes 60 stores and 25 different eating establishments on an outdoor-oriented, pedestrian-friendly promenade that occupies Third Street from Broadway to Wilshire Boulevard.
About Linwood Ventures
Founded in 2010, Linwood Ventures is a real estate investment and management company focused on value-add office and retail projects in select infill markets throughout Southern California. Linwood targets opportunistic acquisitions that offer significant value creation and uses its expertise to reposition each asset. To date, Linwood has acquired nine investments totaling $156 million and comprising over 400,000 square feet in Los Angeles and San Diego counties.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 100 million square feet of commercial space and over 185,000 multifamily residential units. Lincoln Property Company is one of the largest commercial real estate companies in the world. Visit www.lpcsocal.com for more information.