Santa Monica-based developer Pacific Equity Properties, Inc. has secured a $130-million construction loan for a new office and retail complex in Malibu, according to multiple published reports.
The project, called Cross Creek Ranch, will rise from a roughly 13-acre property located at 23465 Civic Center Way - just west of Malibu Creek. Plans call for a series of low-rise structures featuring 42,000 square feet of offices, 70,000 square feet of shops and restaurants, and parking located at-grade and in a subterranean garage.
The L.A. Business Journal reports that the project, at 112,000 square feet in size, is the largest development to be approved by the City of Malibu since its incorporation in 1991.
Marmol Radziner is designing Cross Creek Ranch, which would consist of 10 one- and two-story buildings, connected by a series of private roads and pedestrian paths. Gardens and landscaped courtyards are planned at various sites throughout the property, according to a site plan.
A posting to LoopNet points to an anticipated completion date for the project in 2022.
The project architect, Marmol Radziner, is also part of the design team for Woodridge Capital Partners' two-tower Century Plaza development and Brookfield's 760 W. 7th Street high-rise in Downtown.
Related Fund Management, which provided the construction loan, is also financing a nine-story office building now under construction in the Downtown Arts District.
- Malibu (Urbanize LA)