![Architect Frank Gehry and rendering of Ocean Avenue Project (Getty, Ocean Avenue Project)](https://static.therealdeal.com/wp-content/uploads/2022/07/LA-Santa-Monica-approves-signature-Gehry-project-FEATUREIMG-250x179.jpg)
Trending
Worthe plans 60 apartments in its hometown Santa Monica
Five-story complex would replace a shuttered Bank of the West building
![Worthe Plans 60 Apartments in Santa Monica](https://static.therealdeal.com/wp-content/uploads/2023/09/Worthe-Plans-60-Apartments-in-Santa-Monica_Main-1400x875.jpg)
Worthe Real Estate Group wants to replace a shuttered bank in Santa Monica with 60 apartments.
The Santa Monica-based developer led by Jeff Worthe has filed preliminary plans to build a five-story complex at 407 Colorado Avenue, Urbanize Los Angeles reported.
It would replace a single-story building that once housed Bank of the West, which closed in 2017 at Colorado and 4th Street, across from Metro’s Downtown Santa Monica Station.
![Worthe Plans 60 Apartments in Santa Monica](https://static.therealdeal.com/wp-content/uploads/2023/09/Worthe-Plans-60-Apartments-in-Santa-Monica_Main2.jpg)
Plans call for a 60-foot-tall building with 60 studio and one-bedroom apartments atop 6,900 square feet of ground-floor shops and restaurants. It would include a landscaped rooftop deck, two small courtyards, and on-site parking for an unspecified number of cars.
Worthe aims to employ density bonus incentives to build a taller building than zoning rules allow in exchange for six affordable housing units.
The gray, blue and ochre project, designed by Los Feliz-based Wolcott Architecture, would be clad in metal panels, stucco and wood. Floor-to-ceiling paned windows would be flanked by banks of windowed balconies.
The proposed building comes on the heels of a proposed 570-unit apartment complex at 1632-1640 5th Street, on the other side of Downtown Santa Monica Station.
Worthe also behind a $350 million proposal on Ocean Avenue and Santa Monica Boulevard, which would create a 300,000-square-foot complex designed by Frank Gehry to include a120-room hotel, 100 apartments, a museum and public overlook, along with shops and restaurants.
This month, Worthe Real Estate Group and investment firm Stockbridge have closed their $175 million acquisition of the Warner Bros. Ranch in Burbank, after obtaining a $480 million loan.
Worthe, founded in 1967, owns more than 7 million square feet of commercial and residential property across Greater Los Angeles, according to its website.
— Dana Bartholomew
Read more
![Architect Frank Gehry and rendering of Ocean Avenue Project (Getty, Ocean Avenue Project)](https://static.therealdeal.com/wp-content/uploads/2022/07/LA-Santa-Monica-approves-signature-Gehry-project-FEATUREIMG-250x179.jpg)
![Worthe, Stockbridge Close Purchase of Warner Bros. Ranch](https://static.therealdeal.com/wp-content/uploads/2023/09/Worthe-Stockbridge-Close-Purchase-of-Warner-Bros.-Ranch_FT-Thumbnail-150x106.jpg)
![Worthe Real Estate's Jeff Worthe with 3201 W. Olive Avenue (Getty Images, Wolcott Architecture)](https://static.therealdeal.com/wp-content/uploads/2022/08/feat-LA-Worthe-on-the-move-in-Burbank-with-144-unit-apartment-project-150x107.jpg)