The Park, a mixed-use development in Downtown Santa Monica, is now under construction, according to an announcement distributed this week by developer Witkoff.  

The project, a joint venture with New Valley, LLC, is now rising at the southeast corner of 5th Street and Broadway - formerly the site of a Fred Segal store.  Plans call for a seven-story edifice featuring 249 apartments, 55,000 square feet of ground-floor retail space.  

The contemporary mid-rise building, designed by Koning Eizenberg Architecture, will incorporate a large rooftop green space in addition to multiple ground-floor plazas.

"We conceived The Park as a complete neighborhood concept, or 'a community within a community,'" said Alex Witkoff, Executive Vice President of Witkoff in a statement.  "Our aim is to create an inviting destination for the broader community as well as a sophisticated, engaging residential experience."

The project, which is located a few blocks from the Expo Line's Downtown Santa Monica Station, is on pace to open in 2021.

A similar development is planned by WS Communities at the opposite corner of 5th Street and Broadway.

Witkoff and New Valley previously developed the $300-million Edition Hotel & Residences on the Sunset Strip.