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Former builder’s remedy project would rise 18 stories with 172 units
Madison Realty Capital has unveiled the look of a proposed 18-story apartment building in Santa Monica on an approved site once filed as a builder’s remedy project.
The New York-based private equity firm plans to build the 172-unit highrise at 1433-1437 6th Street, Urbanize Los Angeles reported, which cited renditions unveiled on social media and a community meeting website.
The 185-foot tower would rise between Broadway and Santa Monica Boulevard. It would replace a century-old clapboard house and a parking lot next door, according to Google Maps.
The building would contain 172 one- and two-bedroom apartments, of which 26 units would be set aside as affordable.
The white highrise, designed by Downtown L.A.-based Ottinger Architects, would be built above a two-level, underground parking garage for an unspecified number of cars. It would also contain a rooftop deck with views of the Pacific Ocean and Santa Monica Mountains.
The rectangular building has large windows with floor-to-ceiling glass corners on one side, and floor-to-ceiling windows on the other side, punctuated by wide wrap-around balconies, according to renderings.
Madison Realty acquired the site in January from NMS Properties, renamed WS Communities by owner Neil Shekhter, which signed over deeds-in-lieu of foreclosure on 28 apartment buildings and development sites to unburden itself of $1.1 billion in unpaid debt, according to The Real Deal.
Lender Madison Realty took 20 WSC properties, including 1433-1437 6th Street. The company pitched a plan in May for a 24-story apartment tower at 601 Colorado Boulevard.
The site was one of nine builder’s remedy projects that Santa Monica agreed to process as part of a settlement agreement with WS Communities in May last year. The builder’s remedy, a loophole in state housing law, allows developers to bypass local zoning in cities that haven’t certified their state housing plans, provided the project provides at least 20 percent affordable housing.
— Dana Bartholomew
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