First Look at Newly Completed Ocean Avenue South Luxury Development (Exclusive)

Courtesy of Related Companies

Related Companies -- the same real estate firm that handled The Century, the luxury high rise where Candy Spelling spent $35 million on a penthouse in 2010 -- has unveiled its first model units in Santa Monica.

The first residential development to open on Ocean Avenue in two decades, Related Companies' $350 million Ocean Avenue South condominium/apartment complex has unveiled its first model units. Located in The Waverly -- one of two LEED-certified condominium projects on the 3.7-acre site -- its prime penthouse unit was designed by L.A.-based design firm Marmol Radiner, led by architectural duo Leo Marmol and Ron Radziner, who have created homes for Tom Ford, Demi Moore and Anthony Kiedis. The 3,200-square-foot corner unit features sweeping ocean-to-mountain views, three fireplaces and expansive outdoor areas.

The second model unit, designed by Tim Clarke, whose clients include Sally Field, Matthew Perry, Ben Stiller and Portia di Rossi, is a two-bedroom corner residence. Clark's signature style of modern, California-inspired style, which focuses on clean lines and organic materials, is seen throughout the space.

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Like all other condos in the six-story Waverly, which was designed by Moore Ruble Yudell Architects & Planners, the units feature ocean-to-mountain views via floor-to-(almost)-ceiling windows and luxurious finishes like oak flooring, walnut cabinetry and marble and quartzite finishes. Architects at Marmol Radziner are responsible for interiors and fixtures in all of the building's 65 homes, most of which overlook Tongva Park, the six-acre, $47-million open space created by James Corner Field Operations, the designers behind New York City's High Line.

The Waverly has one-, two- and three-bedroom units that are priced between $1.225 and $4.75 million. The building is currently 30 percent presold with closings, with a move-in date set for mid-May.

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The project marks Related Companies' second Los Angeles residential project since completion of The Century, the luxury high rise where Candy Spelling spent $35 million on an 18,000-square-foot penthouse in 2010.

Like The Century, where chef David Myers' restaurant Hinoki & the Bird opened in late 2012, Ocean Avenue South will feature a to-be-announced anchor restaurant, as well as retail stores. Landscaping by Mia Lehrer + Associates will extend throughout all outdoor areas, which will include a street that offers first-time access between Main Street and Ocean Avenue.