Cypress Equity’s apartment project advances in Santa Monica

The Santa Monica Planning Commission will vote Wednesday on a 40,400-square-foot mixed-use project on the city’s northeastern border with L.A.

Cypress Equity Investments proposed the 53-unit apartment building with 5,418 square feet of commercial space at 3223 Wilshire Boulevard, the Santa Monica Daily Press reported. Four of the units will be affordable to households earning 30 percent of the area median income.

Cypress purchased the property at the corner of Centinela Avenue for $11.8 million in 2017, records show.

The building will include a range of units, from 519-square-foot studios to 1,077-square-foot three-bedroom apartments. The new construction will replace the eclectic party gift store “Aahs,” which was built in 1955 on Wilshire Boulevard.

Cypress Equity has several mixed-use projects locally and around the country. The firm is also working on a mixed-use project on Lincoln Boulevard in Santa Monica, closer to the beach. That project will include 66 residential units and 7,000 square feet of retail.

Last month, Santa Monica put a temporary ban on market-rate projects in the city that call for apartment units under 375 square feet. The ban is in effect until May 10. The Cypress Equity project is exempt since its studios are larger than micro units that have been banned.

Despite the micro-unit ban, residential developers have been active in Santa Monica. Earlier in April, Fifield Cos. secured a construction loan for a 282-unit project on Lincoln Boulevard, and in March NMS Properties proposed a 100-unit project on 7th Street. [SMDP] — Gregory Cornfield