Ground Breaking Slated for Palisades Promenade

Palisades Promenade, an office and retail building scheduled for ground breaking in mid-June, will become one of the major properties fronting Ocean Avenue in Santa Monica.

The $40-million project, to be located on Broadway and extending from Ocean Avenue to 2nd Street, is a development of CWD-Taiyo Broadway/Ocean Associates, a partnership of Taiyo Investments, USA, and Century West Development Inc.

The 106,430-square-foot building, designed by the Landau Partnership of Santa Monica, will be built in three tiers ranging from 3 to 5 stories and featuring landscaped patios on each level.

The steel-framed structure will have a limestone exterior in muted tones of cream and rose, accented with a green copper roof and green awnings. All windows will be operable to allow tenants to take advantage of the ocean breezes.

With completion of the project expected within 2 years, Palisades Promenade--bounded by the new shopping mall on Broadway and Palisades Park--will become an integral part of the flow of traffic from the Mall to Ocean Avenue.

Century West Development, an apartment builder with a reported sales volume of $54 million for 1987, will be responsible for the construction, management and leasing of the project.

Taiyo Investments of Torrance, CWD’s joint-venture partner, was founded in 1984 for investing in real estate properties and development of income and commercial ventures in the United States. It is a division of Taiyo Real Estate Co., Ltd., one of Japan’s largest builders.

The company currently is developing Royal Ridge Estates, a 34-acre planned residential community in Anaheim Hills.