Damavandi Capital is going bigger than originally planned for its latest multifamily development in Santa Monica.
The West Hollywood-based firm, formerly known as Dylan Investment Properties, has filed revised plans to boost the size of its apartment building by nearly 50 percent at 1320 Pico Boulevard, west of Santa Monica College, Urbanize Los Angeles reported. It would replace an existing commercial building.
Plans now call for a 147-unit, eight-story complex with a parking garage for 175 cars.
The initial proposal unveiled last year called for 100 studio, one-, two- and three-bedroom apartments, including 16 affordable units.
The company is now employing density bonus incentives to permit a larger building than zoning rules allow in exchange for 24 affordable apartments for very low-, low- and moderate-income households.
To align with Santa Monica’s affordable housing program, four units will be set aside for tenants earning 50 percent of area median income, four for those earning 80 percent and 16 are at moderate income levels.
The complex will also have some environmentally friendly additions including a parking garage with 132 electric vehicle slots and 269 bicycle spaces, according to the project website.
The project would be built a block west of the proposed Santa Monica College Art Complex to replace a parking lot at Pico Boulevard and 14th Street.
It would also be the latest development to provide affordable housing in Santa Monica.
Community Corporation of Santa Monica has been building affordable projects, including the 100-percent affordable Brunson Terrace apartments a few blocks east at 1819 Pico Boulevard.
Damavandi Capital, founded by Jeff Damavandi in 1990, has invested in office, retail and residential properties in Sacramento, San Jose, Las Vegas, Orlando and Vero Beach, Florida, according to its website.
— Chris Malone Méndez
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