March 25, 2023 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 Pet Hotel Hosts Puppy-Friendly St. Patty’s Day Party

March 24, 2023

March 24, 2023

A new pet hotel in Santa Monica recently hosted a St. Patrick’s Day party for local dogs. Check out all...

Santa Monica Mountains Largest Ever Restoration Project Nears Completion After 7,000 Hours of Volunteer Work

March 24, 2023

March 24, 2023

Final planting event will be held Saturday, March 25 at 9 a.m. for the park’s largest ever restoration project After...

California Appeals Court Rules Uber and Lyft Can Classify Drivers as Independent Contractors

March 24, 2023

March 24, 2023

Proposition 22 exempted ride-share companies from certain labor laws, court rules in favor of the companies By Sam Catanzaro ​​A...

Film Review – Operation Fortune: Ruse de Guerre

March 24, 2023

March 24, 2023

FILM REVIEWOPERATION FORTUNE: Ruse de GuerreRated R114 MinutesReleased March 3rd Now that the season of weighty Oscar contender films is...

Santa Monica Uses Innovative Water Recycling Facility to Capture and Store Rainwater

March 23, 2023

March 23, 2023

City’s Sustainable Water Infrastructure Project reducing reliance on imported water and sets a model for future projects Santa Monica has...

Shuttered Santa Monica Loews Hotel to Rebrand and Reopen as a Regent Hotel

March 23, 2023

March 23, 2023

Hotel’s new operator announces plans for $4 million renovation, including rebranding and upgrading accessibility for guests with disabilities By Dolores...

Three Arrested for Identity Theft, Possession of Stolen Property, and Grand Theft in Santa Monica

March 23, 2023

March 23, 2023

Suspects found with over 20 stolen cellphones, credit cards, and identification Three individuals were arrested in Santa Monica for identity...

Proposal for Improved Communication With Street Vendors Sparks Contentious Debate in City Council Meeting

March 23, 2023

March 23, 2023

Councilmembers divided over proposal calling for City Manager to engage in meaningful consultation with authorized vendors regarding sidewalk vending policies...

Former Bank Building in Santa Monica Becomes a Food Destination with Addition of Katsu Bar

March 23, 2023

March 23, 2023

Katsu Bar joins Paderia and Oakberry in the transformation of the 3032 Wilshire building By Dolores Quintana Katsu Bar has...

Survey: Should Officials Remove Barriers to Outdoor Dining?

March 23, 2023

March 23, 2023

The COVID-19 pandemic drastically changed the way we live our lives, and one of the most significant impacts has been...

Gasolina Cafe Owner, Sandra Cordero, to Open New Tapas Bar in Santa Monica

March 23, 2023

March 23, 2023

Tapas bar expected to open late spring in former Heroic Italian space at 516 Santa Monica Boulevard  Sandra Cordero, the...

California’s AB 1217 Could Supersede Costly Outdoor Dining Permits Proposed by Municipalities

March 22, 2023

March 22, 2023

Legislation would preempt local ordinances and preserve regulatory flexibility for struggling neighborhood restaurants By Sam Catanzaro A new bill proposed...

Emerging Artist Jesse Liu Opens First-Ever Exhibition in Venice Gallery

March 22, 2023

March 22, 2023

“Spring Fever” currently on display at Yiwei Gallery By Keemia Zhang Local artist Jesse Liu has opened her first solo...

Santa Monica Place Invites LGBTQIA+ Artisans to Apply for Made With PRIDE Marketplace

March 21, 2023

March 21, 2023

Partnering with Streetlet, the marketplace will take place each weekend in June and showcase local goods made in Southern California....

Santa Monica Councilmember Phil Brock Appointed to National League of Cities Council on Youth, Education, and Families

March 21, 2023

March 21, 2023

Brock to collaborate with group of local leaders to develop and guide programs for communities across the country Santa Monica...