Office Project Underway in Santa Monica

Construction is underway on a $50-million, 195,000-square-foot office building in Santa Monica. Scheduled to open in the summer of 1999, the Arboretum Gateway is being developed by Three Coast Limited Partnership and Apollo Pacifica--a joint venture of New York’s Apollo Real Estate Advisors and Denver-based Pacifica Holding Co. The building, located on the southwest corner of Cloverfield Boulevard and Colorado Avenue, adjoins a 12-acre complex that will include 351 apartment units. A Three Coast general partner said in a statement that he hopes the project will attract entertainment, high-tech and creative companies fueling the Santa Monica real estate market.