NMS Properties expands in Santa Monica with 100-unit resi complex proposal

Los Angeles /
Mar.March 19, 2019 09:00 AM
Neil Shekhter of NMS Properties and a rendering of 1543 7th Street (Credit: Santa Monica Review Board)

Neil Shekhter’s NMS Properties is expanding its residential reach in Santa Monica.

The developer is proposing a 100-unit apartment building with 4,441 square feet of ground-floor retail space, according to Urbanize.

In August, an NMS spinoff called WS Communities proposed a 40-unit complex in Santa Monica with 4,000 square feet of retail.

NMS Properties’ latest plan calls for the eight-story building to rise at 1543 7th Street, near the Expo line. The Santa Monica Architectural Review Board met Monday to discuss the proposal for the 60,000-square-foot building, Urbanize reported. The project would include one- to three-bedroom units and a roof deck, and would have a three-floor underground parking garage with room for 85 vehicles.

The complex would include 25 affordable units, which would be part of a separate building across the street, at 1514 7th Street, according to Urbanize.

Santa Monica-based KFA Architecture is designing the 7th Street complex. The firm also created WS Communities’ 40-unit building, along with Cypress Equity Investments’ 66-unit complex in downtown Santa Monica, also proposed in August.

Shekhter, a prolific developer, has been in the headlines since 2014, when he became embroiled in a legal dispute with AEW Capital Management — his former joint venture partner — over the sales of a nine-property portfolio in Los Angeles to SPI Holdings.
 

[Urbanize]Alexi Friedman 


Related Articles

arrow_forward_ios
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Macerich CEO Thomas O’Hern and Santa Monica Place mall

Here’s what tenants are paying at Macerich’s Santa Monica Place

Here’s what tenants are paying at Macerich’s Santa Monica Place
CEO of Amazon Web Services Andy Jassy

A top Amazon exec buys in Santa Monica

A top Amazon exec buys in Santa Monica
Neil Shekhter with NMS 1548 Sixth and NMS Northridge

NMS Properties’ multifamily portfolio goes to special servicing, but why?

NMS Properties’ multifamily portfolio goes to special servicing, but why?
WS Communities CEO Scott Walter and VP of Finance Gregory Proniloff, Madison Realty Capital’s Josh Zegen, 1433 Euclid Street in Santa Monica; and rendering of mixed-use project at 3030 Nebraska Avenue in Santa Monica (Credit: Google Maps and Madison Realty Capital)

WS Communities nabs $150M loan for six renovations and a development site

WS Communities nabs $150M loan for six renovations and a development site
6156 Ramirez Canyon Road and 20 37th Place (Credit: Redfin)

This way to the beach: Homes next to ocean topped priciest sales

This way to the beach: Homes next to ocean topped priciest sales
Shops were looted in Santa Monica (Credit: Mario Tama/Getty Images)

Looters cleared out retailers while police clashed with protesters in Santa Monica and Long Beach

Looters cleared out retailers while police clashed with protesters in Santa Monica and Long Beach
Related California CEO William Witte and the project site (Credit: Google Maps)

Related California eyes latest project in Downtown Santa Monica

Related California eyes latest project in Downtown Santa Monica
arrow_forward_ios

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

Loading...