SANTA MONICA—On Wednesday, July 30, the city of Santa Monica announced that the RAND Corporation’s Santa Monica headquarters at 1776 Main St. could soon see new retail, restaurants and office uses, following approval of an amended development agreement by the Santa Monica City Council on July 29.
As part of the updated agreement, RAND will pay $5.5 million to the city’s General Fund to fund programs and services that benefit residents of Santa Monica, businesses and visitors.
The funds are expected to be paid in two installments, with $3.5 million upon agreement execution and the remaining $2 million no more than three years later.
Potential uses could include:
-General and creative offices, including RAND
-Media production
-Retail shops and services (salons, dry cleaners, etc.)
-Restaurants
-Convenience markets
-Banks and credit unions
“RAND is a longstanding fixture in Santa Monica and has made many contributions to our community,” said Mayor Lana Negrete. “With this new agreement, we’re ensuring that this central property remains an active, productive and contributing part of our civic center district.”
Santa Monica first entered into a development agreement with RAND in 2000, when only “institutional office” use was permitted, as the original development was built to provide RAND with replacement office space when it sold land to the city’s Redevelopment Agency where its then-existing building was located — now home to Tongva Park and the mixed-use Village Project.
RAND’s needs changed in recent years, with hybrid work and fewer employees needing workspace at the headquarters site. Tuesday’s council action also included adopting an update to the Civic Center Specific Plan to allow for new site uses.
RAND, a nonprofit public policy organization, was founded in Santa Monica in 1948 and the company first opened its headquarters at 1776 Main St. in 2004. The building is approximately 326,170 square feet and has 799 parking spaces.
By Danny Jones