Soon-to-be Witkoff-owned project will add to SaMo’s affordable housing supply

Los Angeles /
May.May 04, 2017 04:30 PM

A fully affordable apartment complex is underway in Santa Monica, the biggest project of its kind in three years.

The five-story, 64-unit complex, which broke ground last week, is being developed and financed by KRE Capital in an agreement with the city. As part of the deal, the city approved its 249-unit market-rate project nearby at 500 Broadway. New York developer Steven Witkoff is in talks to acquire both complexes, The Real Deal reported in March.

The “Arroyo” affordable apartments will span 55,700 square feet and contain one-bedroom, two-bedrooms, and three-bedroom units. The Community Corporation of Santa Monica will manage the complex.

KRE will bankroll the $44 million project, Santa Monica Lookout reported, with the help of a construction loan and low-income housing tax credits.

Construction is slated to be complete within 18 months.

Over on Fifth Street and Broadway, the larger market-rate project calls for about 68,000 square feet of retail and a public plaza. It will be a block away from the downtown Santa Monica Expo Line Station.

Last year, only 34 units that came on the market in Santa Monica were designated as affordable. [Santa Monica Lookout] — Cathaleen Chen


Related Articles

arrow_forward_ios
Holos Communities' Cristian Ahumada, Jamboree Housing's Laura Archuleta
Long Beach loans developers $6.1M for affordable apartments
Long Beach loans developers $6.1M for affordable apartments
WS Communities' Scott Walter and NMS Properties' Neil Shekhter with rendering of 3030 Nebraska Avenue
Shekhter’s WSC to list 2,000-unit Santa Monica builder’s remedy project
Shekhter’s WSC to list 2,000-unit Santa Monica builder’s remedy project
Wiseman Residential's Isaac Cohanzad and a rendering of 1600 East Venice Blvd (Facebook, Robert James Taylor Architects)
Wiseman Residential begins building 77 apartments in Venice
Wiseman Residential begins building 77 apartments in Venice
Weingart's Kevin Murray with rendering of 1405 South Broadway (Weingart Center, Getty)
Weingart seeks to build 335 affordable units in DTLA
Weingart seeks to build 335 affordable units in DTLA
Los Angeles Mayor Karen Bass, Homeless
LA Mayor Karen Bass launches outreach to house the homeless
LA Mayor Karen Bass launches outreach to house the homeless
BLT's Rob Solomon and BMW Designworks' Holger Hampf with 1601 Olympic Boulevard (BLT Enterprises, BMW Designworks, LoopNet)
BMW’s design studio shrinks footprint with drive to Santa Monica
BMW’s design studio shrinks footprint with drive to Santa Monica
Los Angeles County Supervisor Janice Hahn
LA County pledges support for city’s homelessness emergency
LA County pledges support for city’s homelessness emergency
A photo illustration of Los Angeles County Supervisor Hilda Solis and 1200 State Street in Los Angeles (Getty, Los Angeles Conservancy)
LA County seeks developer to turn hospital into housing
LA County seeks developer to turn hospital into housing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...