Santa Monica Place to recharge under new property manager
After defaulting on its $300 million loan on Santa Monica Place last year, Macerich surrendered the property to its lender, which was placed under the direction of a court-appointed receiver.
This week that receiver, Trigild, announced that it has retained Prism Places, a SoCal distressed assets expert, to take over the management of the Frank Gehry-designed mall that was transformed into an open-air center with a $265 million renovation in 2010.
“After the devastating fires, the westside of Los Angeles is in need of community and places to gather,” said Stenn Parton, founder and CEO of Prism Places. “Santa Monica has had its challenges even before the fires, and the neighborhood of Pacific Palisades has endured so much loss— my home included. We’re motivated and inspired to restore Santa Monica Place to the heart and soul of this community.”
Santa Monica Place opened in 1980 at the south end of the Third Street Promenade, an open-air shopping and dining complex that had for years drawn tourists and visitors from throughout the Greater Los Angeles area.
The Rouse Company and the Hahn Company opened Santa Monica Place in 1980 as a three-story indoor mall at a time when the Third Street Promenade was struggling. It was Gehry’s first shopping mall design.
Macerich acquired the property from Rouse in 1999 and, in 2004, proposed tearing the mall down and replacing it with a complex of high-rise condominiums, retail, and offices. That plan was scotched by complaints from local residents.
“Santa Monica remains one of the most desirable and affluent areas in the United States,” Parton said. “While challenges have led to vacancy at both Santa Monica Place and 3rd Street Promenade, the city and state have made crucial policy changes that will allow for Santa Monica’s recovery. So we look forward to bringing great brands and restaurants back.”
Parton is anxious for the arrival of the Los Angeles Summer Olympics in 2028 as an opportunity to recharge Santa Monica.
“When the Olympics come to Los Angeles,” he said, “Santa Monica and Santa Monica Place will be on display as one of the most dynamic destinations in the world!”
