Cypress Equity Investments wants to build a 115-unit apartment building in Santa Monica, adding to projects the firm has in the works there and throughout Los Angeles.
The seven-story complex would include 4,200 square feet of ground-floor retail space and a two-level subterranean garage at the corner of 6th Street and Arizona Avenue in Downtown, according to Urbanize.
Cypress is calling the project 528 Arizona, with amenities to include a roof deck and fitness center.
Cypress is seeking entitlements to raze two office buildings to build the new development, according to the report. It paid around $19 million in September for the nearly half-acre development site.
The project is Cypress’ sixth one either proposed or built in the city. The firm is working on a 53-unit apartment building and a 66-unit development. It also has projects in the works in Pico-Union and Echo Park.
WSC Communities recently listed its entire 23-parcel Santa Monica residential portfolio entitled for 2,100 units. While the city now has affordable housing minimums before officials will approve projects, some of the WSC portfolio has a “reduced affordability requirement,” according to its marketing materials. That’s because entitlements were secured before Santa Monica raised its affordable housing requirements. [Urbanize] — Dennis Lynch