November 29, 2021 Breaking News, Latest News, and Videos

Prominent Developer Building 850 Santa Monica Housing Units Thanks to $150M Loan

By Toi Creel

Shekhters’ WS Communities is planning to build 850 rental units in Santa Monica

Madison Realty Capital is funding the project. In total, 10 new buildings will rise on the Westside.

WS Communities is an investment and development firm. They’re able to develop the 850 units thanks to an additional $157 million in financing, according to The Real Deal.

The project comes after a new agreement with the City of Santa Monica to boost affordable housing.

Madison Realty Capital will also join in on the new developments by providing a bridge loan.

In total, the square feet of retail space of the projects will have a combined 35,000 square feet of retail space.

According to The Real Deal “They include a 140-unit complex at 601 Colorado Avenue, which will have over 8,600 square feet of retail space; a 134-unit development at 1415 5th St., with 2,300 square feet of retail; and a 120-unit project at 1338 5th St., with over 2,700 square feet of retail.
The remaining properties are: 501 Broadway (94 units, 4,700 sf of retail), 1318 Lincoln Boulevard (43 units, 3,300 sf of retail), 1323 5th St. (52 units, 1,800 sf of retail), 1425 5th St. (92 units, 5,800 sf of retail), 1437 5th St. (63 units, 1,500 sf of retail), 1437 6th St. (52 units, 1,900 sf of retail), and 1557 7th St. (59 units, 2,200 sf of retail).”

in News
Related Posts

Santa Monica Homeless Count Returns

November 23, 2021

November 23, 2021

January 26, 2022 date for annual count By Sam Catanzaro The Santa Monica Homeless Count is back after being canceled...

Petition To Divide SMMUSD On Its Way To County Officials: Santa Monica Beat – November 22, 2021

November 22, 2021

November 22, 2021

Local news and culture in under 5 minutes.* New Art Installation Pop Up Event Coming To Ocean Avenue * Petition To...

New Study Finds 1 in 5 Tweens Experience Cyberbullying

November 19, 2021

November 19, 2021

According to a recent study by the Cyberbullying Research center over 20% of tweens, aged 9 – 12 have experienced...

Veterans Demand Answers to Homeless Crisis Outside Ted Lieu’s West LA Office

November 19, 2021

November 19, 2021

Veterans took to the streets and marched from the West LA VA campus to the office of Ted Lieu, seeking...

Settlement Reached in Police Union Lawsuit Against the City of Santa Monica

November 18, 2021

November 18, 2021

Santa Monica Police Officers Association settles with City By Dolores Quintana The Santa Monica Police Officers Association (SMPOA) recently settled...

Victim Robbed in Broad Daylight, Shot at, After Parking Car in Santa Monica

November 18, 2021

November 18, 2021

Santa Monica police search for suspects in connection to November 15 incident By Sam Catanzaro Santa Monica police are searching...

No Arrests Made in Chess Park Airsoft Gun Incident

November 18, 2021

November 18, 2021

No victims of criminal threats, Santa Monica police say By Sam Catanzaro Santa Monica police say no arrests were made...

Getty Acquires 16th-Century Painting Never Seen by Public

November 17, 2021

November 17, 2021

Jacopo Bassano’s The Miracle of the Quails, 1554, has been rarely seen by scholars and never by the public By...

‘Annie Live!’ Elects Santa Monica Resident Alan Toy as President Franklin Delano Roosevelt

November 16, 2021

November 16, 2021

Santa Monica resident Alan Toy has been cast as President Franklin Delano Roosevelt in NBC’s holiday spectacular “Annie Live!”. Toy,...

Over $100K Raised in the Santa Monica Walk to End Alzheimer’s

November 16, 2021

November 16, 2021

Nearly 350 participate in October 24 event at Santa Monica Pier By Sam Catanzaro Over 300 Westside participants raised $127,063...

Local Church Seeks Community Help For Repairs

November 16, 2021

November 16, 2021

The Church in Ocean Park Is in need of a new roof after 100 years of service. Learn how you...

Second Santa Monica Hit and Run in Recent Weeks Leaves One Dead

November 16, 2021

November 16, 2021

Santa Monica police seek suspects in connection to two separate incidents By Sam Catanzaro A hit and run in Santa...

Paris Hilton Rents Entire Pier For Wedding Reception: Santa Monica Beat – November 15, 2021

November 15, 2021

November 15, 2021

Local news and culture in under 5 minutes.* Paris Hilton Rents Entire Pier For Wedding Reception * Coastal Rents on the...

Laurel Rosen to Step Down as Santa Monica Chamber CEO

November 11, 2021

November 11, 2021

Leadership change for the Santa Monica Chamber of Commerce   By Sam Catanzaro The Santa Monica Chamber of Commerce has announced...