An unbuilt townhouse development project in Santa Monica has hit the market for $2.7 million, ranking among the priciest land listings in the beachside city.
“The plans are beautiful and designed by a famous architect,” claims the listing. “Once built there will be views of the water from the rooftop deck of every townhouse. Don’t pass on this rare opportunity as there is nothing like it in the entire city!”
The 0.2-acre property is located at 1518 11th Street, in a residential area 11 blocks from the beach in the city’s Pico neighborhood.
The project plans, which include six luxury townhouses, have already received city approvals and are awaiting permits from the city’s Building & Safety Division, said Mohammad Sadoughi, an agent with Ashby & Graff who holds the listing. Those permits are expected within a few months, he added.
Sadoughi’s connections to the site extend beyond the listing. The property’s legal owner is an entity called 1518 Eleventh St. Condominium LLC, according to property records, whose registered agent is Ali Sadoughi, a developer who appears to be Mohammad’s father.
Mohammad Sadoughi declined to elaborate on the property’s ownership or project plans, beyond what was in the listing.
“It’s too big of a project,” he replied when asked why the owners are selling.
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The listing, which went up this week, ranks among wealthy Santa Monica’s most expensive development offerings. One “development opportunity” on 18th Street, where an existing apartment building is leased through November, is on the market at $3.25 million, and an unbuilt project near the beach that’s entitled for a three-unit condo building is available at $2.75 million. Those listings have already been on the market for a year and six months, however.
Although interest rates are high and the national development climate is poor, Santa Monica, which has long ranked among the most expensive rental markets in the country, could eventually see more multifamily projects rising after the city recently completed more pro-density updates to its Housing Element plan and zoning codes.