A Beverly Hills developer has been given more time to obtain financing to build a commercial and residential mixed-use development at the corner of Highway 135 and Skyway Drive in Santa Maria.

The Santa Maria Planning Commission on Wednesday night granted the owners of Lakeview Promenade — Espande Investment Partners — an extension on a development permit that was originally approved by the Santa Maria City Council in December 2008.

The permit allows construction of Lakeview Promenade at 3596 Skyway Drive, near a historically busy city intersection. The 9.2-acre development will include 12 buildings, 263 airspace condos, a 250-seat movie theater, 40,000 square feet of retail space and 14,000 square feet each for a restaurant space and a spa/fitness/health facility.

The extension marks the project’s fourth overall.

Community Development Director Larry Appel told Noozhawk he is unsure whether the owners will move forward with the original project plans or start from scratch.

“Our city does not invalidate planned development approvals if the applicant comes in each year with a request to extend the time to pull permits,” Appel said.

The city’s Community Development Department received the extension request on June 1, two days before the last issued permit was set to expire.

No change to the project design or conditions of approval would occur as a direct result of the time extension.

With the extension, the project approval will extend one year to June 2, 2014.

Noozhawk staff writer Gina Potthoff can be reached at gpotthoff@noozhawk.com. Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.