Over $128 Million of Community/Project Benefits

The redeveloped Miramar Hotel opens up the 4.5-acre site to the public to create a community gathering place that will increase and enhance visitor serving amenities, provide new union jobs and new affordable housing while pursuing the highest levels of sustainability

Overview:

  • 312 hotel rooms (11 net new)
  • Up to 60 condominiums
  • 42 affordable apartments
  • Compliant with current zoning
    • Maximum height: 130 ft
    • FAR: 2.6 (vs. 3.0 limit)
  • 428 on-site parking spaces (325 net new)
  • 342 on-site bicycle parking spaces
  • World-class architecture

Job Opportunities:

  • Thousands of new union construction jobs per Project Labor Agreement with the Building Trades
  • Equal opportunity subcontracting
  • The Miramar will remain a union hotel
  • Per agreement with Unite HERE, existing employees can choose between a generous severance package or health insurance during construction and a return to their job upon re-opening
  • Over 100 new permanent hotel jobs ($13.7 million in net new compensation paid annually to workers)
  • Local hiring program for construction and permanent jobs
  • 4 internships annually for students at Santa Monica high schools or SMC

Sustainability:

  • LEED Platinum
  • Significant water and energy conservation measures
    • 20% water savings vs. existing hotel
    • 15% energy savings vs. existing hotel
    • Non-potable water for all landscaping
    • New stormwater and internal hotel water capture and re-use on-site
    • LED lighting
  • Substantial solar/photovoltaic infrastructure on rooftops
  • Extensive EV parking and infrastructure

Affordable Housing:

  • Donation of 15,000 sf parcel lot on Second Street
  • 42 apartments with over 60% family-sized two- bedroom and three-bedroom units
  • Ample underground parking and transportation allowance for residents who do not utilize parking
  • $10,000/yr for additional supportive services
  • 87 on-site bicycle parking spaces

Open Space-Public Access:

  • Significant new open spaces for public access and enjoyment, with over 50% of the site to remain open space
  • 14,000 sf Public Garden Terraces, with programmed events, public art, and new food and beverage offerings
  • Removal of existing walls and fences provides enhanced pedestrian access along Second Street, Wilshire Boulevard and Ocean Avenue
  • Widened sidewalks

Historic Preservation:

  • Preservation and featuring of the Moreton Bay Fig Tree and Palisades Building, both local historical landmarks
  • Removal of driveway around the Moreton Bay Fig Tree and creation of publicly-accessible deck to ensure its long-term health and viability

Economic Benefits to the City:

  • Significant new revenues to the City’s general fund
    • $15.4 million annually ($8.1 million more than the existing hotel)
    • $444.4 million over the first 25 years of operations ($218.3 million more than the existing hotel)
  • Dramatic boost to the local economy
    • $40.7 million annually
    • Over $1 billion over the first 25 years of operations
    • $553 million during construction
  • Substantial new revenues to local schools
    • $3.5 million annually ($3 million more than the existing hotel)
    • $112 million over the first 25 years of operations ($96.9 million more than the existing hotel)
  • New on-going monthly revenues targeted specifically for affordable housing and economic equity initiatives
  • Meeting space access for community groups
  • Enhanced annual financial support for local nonprofits

Parking and Access:

  • Sufficient parking to accommodate all employees, guests, visitors and residents on-site, freeing up hundreds of parking spaces on neighboring streets that will be available to local residents and visitors to the coast
  • Significant bicycle parking at grade and below grade along with lockers and showers to incentivize bicycle use
  • Comprehensive transportation demand management plan with monetary incentives for employees to bike, walk or take public transit

Monetary Contributions:

  • Transportation and pedestrian improvements
  • Affordable housing
  • Affordable lodging
  • Economic equity/opportunity fund
  • Childcare initiatives
  • Senior services
  • Reed Park ambassador program
  • Palisades Park character defining features
  • Parks and open space