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

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

The Gabay brothers want to bring back District Square (Credit: Department of City Planning via LA Times)

Gabay lawsuit to revive District Square may have merit

From left: Community Preservation Partners President Anand Kannan and Jonathan Rose Companies founder: Jonathan F.P. Rose, with the Golden West Tower Apartments (Credit: Google Maps and iStock)

Affordable developer teams up to buy Torrance senior housing complex

Regulatory fees are culprit in housing building costs (Credit: iStock)

It costs $500K to build one affordable housing unit in LA

A rendering of the project (Credit: Ian Espinoza Associates vis Urbanize)

Westfield adds affordable units to $1.5B Promenade redevelopment

Developers Mark and Arman Gabay are suing the city for rejecting their 577-unit District Square project in South L.A. (Credit: Department of City Planning via LA Times)

Gabays sue LA after it rejects their 577-unit resi project

Dr. Jayasinghe and a rendering of the project (Credit: Metro via Curbed)

Metro rejects plastic surgeon’s 907-unit development in Westlake

LA city council members want to close “loophole” in rent control law

LA measure would make it tougher for landlords to force out tenants for renovations

LA Chamber of Commerce, under CEO Maria Salinas,  explores ballot measure doubling density of resi buildings. (Photo credit: iStock Photo, LA Chamber of Commerce.)

LA Chamber of Commerce explores doubling density of resi buildings