This Santa Monica housing development will offer something rare

Community Corporation of Santa Monica wants to build a 55-unit affordable complex in a city that has few of those options

TRD LOS ANGELES /
May.May 31, 2019 03:00 PM
Community Corporation of Santa Monica Development Director Jesús Hernandez and the assemblage of parcels on 14th Street
Community Corporation of Santa Monica Development Director Jesús Hernandez and the assemblage of parcels on 14th Street

The Community Corporation of Santa Monica has closed on its purchase of an assemblage of lots, where it intends to build something rare in the city: an affordable housing development.

The affordable developer paid a $12 million for the property at 1834-1848 14th Street, from the Brahms Family Trust of Beverly Hills. The property is around 0.7 acres. The sale closed last month.

The Community Corporation wants to replace the aging, low-slung commercial buildings with a three-story mixed-use project that would include 55 affordable units and 3,500 square feet of ground-floor commercial space, Urbanize has reported.

The project is expected to cost around $42 million, with Santa Monica having provided just over $14 million. The city also provided the funding for a 39-unit senior affordable project that the Community Corporation wants to build on two neighboring lots, according to the Santa Monica Observer.

The Community Corporation develops and manages affordable properties around Santa Monica. Among the properties under its management is the 64-unit Arroyo complex, which opened in December.

The office development pipeline in Santa Monica is robust, thanks to demand from technology companies. That is not the case with housing development, especially the affordable variety. Just 61 affordable units were approved last year in the city and the year before that, just five units.

WS Communities, an offshoot of NMS Properties, agreed to build a 50-unit affordable project earlier this month in exchange for approvals for two other market-rate projects.


Related Articles

arrow_forward_ios
AIDS Healthcare Foundation executive director Michael Weinstein is suing the center of measure HHH

AIDS Healthcare Foundation sues city over Skid Row project

A rendering of FlyAwayHomes’ HHH project in South LA and Mayor Eric Garcetti, who led the push to approve Prop HHH.

LA has now funded 8.5K units of affordable housing through $1.2B bond

The 5 priciest residential sales

Here are the 5 priciest resi sales in LA County last week

From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

Developer Pinyon Group’s 486-unit project would sit two blocks away from the Heritage Square Gold Line.

Developers of massive Lincoln Heights resi project change tack to collect city incentives

Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

LA City Councilmember Gil Cedillo and Jade Enterprises’ Sapphire development (credit: Scott L on Flickr)

Westlake abandoned its affordable housing requirements a decade ago. Things have changed

arrow_forward_ios