City of Santa Monica, CA
07/24/2024 | Press release | Distributed by Public on 07/24/2024 11:54
Economic Growth & Cultural Vitality: City enters negotiations to restore, operate iconic Civic Auditorium
July 24, 2024 10:51 AM
SANTA MONICA, Calif. (July 24, 2024) - The Santa Monica Civic Auditorium could see a future rebirth, following a unanimous vote by the Santa Monica City Council Tuesday to enter into negotiations with Revitalization Partners Group, LLC to restore and operate the historic venue.
The firm, known as RPG, is a consortium of experts in live entertainment, real estate development, finance, historic preservation and public-private partnerships that came together to formulate a proposal for the site.
The group includes:
- Geyser Holdings, which has more 20 years of experience in estate acquisition, financing, and investment banking. Geyser is affiliated with the JH Snyder Company, whose developments include Santa Monica Ocean Tower, The Water Gardens, Wilshire Courtyard, SAG-AFTRA Square and Marina City Club in Marina del Rey.
- The Make Good Group, a consultant for corporate clients on sustainability, social responsibility and brand strategy. Clients include the Philadelphia Eagles, Seattle Mariners and Oakland A's. Firm principal Tim Sexton also worked as a production manager at the Civic Auditorium when it was open and hosting music acts.
- The Azoff Company, an entertainment and media company led by the former Chairman and CEO of Ticketmaster and Live Nation and current CEO of the Azoff Madison Square Garden Entertainment Company.
- The Oak View Group, a privately held venue development, management and hospitality services company led by the former CEO of AEG, which owns LA Live, the L.A. Kings and L.A. Galaxy. The group, under a private-public partnership with the city of Seattle, invested over $850 million to develop Amazon's Climate Pledge Arena.
- Live Nation, a Fortune 500 Company that promotes, operates and manages ticket sales for live entertainment internationally.
"This is an impressive group of experts coming together to make something happen," Mayor Phil Brock said. "I look forward to seeing what they propose and, hopefully, a bright future for this iconic venue."
Before it was shuttered in 2011 due to seismic issues, the city-owned auditorium served as one of the region's leading entertainment venues, hosting a critically acclaimed roster of events including concerts, Academy Award shows, community festivals and trade shows.
The city designated the site as "surplus" through the Surplus Land Act process, which was certified by the California Department of Housing and Community Development in fall 2023. In December 2023, the city issued a request for Letters of Interest to solicit a firm to redevelop the venue.
As part of the process, teams were requested to submit summaries of their experience including:
- Renovating and redeveloping buildings with landmark requirements.
- Experience operating and programming concerts, arts, and entertainment venues.
- Ability to secure financing to fund developments of $100 million or more.
Four firms submitted proposals, and in May the City Council directed staff to move forward to negotiate with RPG.
As part of the exclusive negotiating agreement process, RPG will perform studies and analysis related to historic preservation, seismic and structural engineering, ADA compliance, acoustics, and other areas to evaluate remediation, construction costs and other considerations.
RPG has agreed to pay the city an initial $350,000 to cover the city's staff, consultant and legal costs, to be replenished if necessary.
The firm is expected to submit a comprehensive project scope and timeframe for council consideration by early 2025.
For more information, view the staff report.
Media Contact
Tati Simonian
Public Information Officer
[email protected]
Categories
Arts, Culture & Fun, Historic Preservation, The Arts