February 7, 2023 Breaking News, Latest News, and Videos

Real Estate Firm Plans to Redevelop Three Wilshire Properties Into Hundreds Housing Units

Cypress Equity Investments buys four Santa Monica properties

By Dolores Quintana

A real estate firm has bought three Wilshire Boulevard properties, planning to bring several multi-story, mixed-use developments to the street, as part of projects that would bring over 300 units of housing to Santa Monica. 

There are four new projects that Cypress Equity Investments (CEI), a development firm from Brentwood, is developing in Santa Monica as reported by Urbanize Los Angeles and the Santa Monica Daily Press. All but one of these projects are on Wilshire Boulevard. 

The first project that CEI is conducting community meetings and applying for City entitlements for is at 2025 and 2501 Wilshire. Both buildings would be a mixed-use combination of residences and ground floor commercial space. 2025 Wilshire’s proposal calls for a four story building to replace the current one story commercial building that contains Chipotle and Veggie Grill restaurants. The new building would be 42 feet tall and be composed of a ground floor commercial space below 46 apartment units with a two level underground parking garage that would hold 101 stalls for parking. The exterior would be made of white stucco with perforated metal screens and wood paneling in the contemporary low rise style. 

A proposal for 2501 Wilshire is another four story building with three floors of sublevel parking with 198 parking spaces, ground floor commercial space, and 70 residential units. Ottinger Architects is the designer listed for 2501 Wilshire which is described as a white complex in the contemporary low rise style with a small courtyard. 

Both of these projects have proposed to fulfill their obligation to provide deed restricted affordable housing, 7 units for 2025 Wilshire and 11 for 2501 Wilshire, by developing those apartment units at an “offsite location”. 

The third project, which has not been formally announced by CEI, is proposed for 1902 Wilshire. It is another four story mixed-use building with two levels of underground parking that contains 143 parking spaces for cars, 91 bicycle parking spaces and then a ground floor “neighborhood serving” retail space, and 71 apartment units that are contained within a 50 foot high edifice. The designer of record is Patrick Tighe Architecture who envisions two interconnected buildings built around a central courtyard that are made of metal, wood and stone. Again, the developer claims that the 11 mandatory deed-restricted units that they would have to deliver according to entitlement rules would be developed at an “offsite location.”

The fourth proposed building is the only one not on Wilshire Boulevard and the potential site is located at 1537 Lincoln Boulevard which is quite close to the final Santa Monica stop of the Metro E Line. CEI’s plans call for a five story building that is again mixed use with underground parking for 98 vehicles, ground floor commercial space and 114 residential units designed by Ottinger Architects. The building itself would be the site for eight of the required affordable housing units and the balance of 21 deed restricted units required for zoning entitlements would be built “offsite” according to CEI’s claims.

Related Posts

Duo Charged for Alleged Caregiver Fraud Scheme Against Malibu Physician Who Was Drugged With LSD in Final Days

February 6, 2023

February 6, 2023

Anthony David Flores and Anna Rene Moore face up to 20 years in prison A Fresno hairstylist and an actress...

Metro Working on Plan to Provide Shelter for Homeless Passengers When Trains Are Emptied

February 6, 2023

February 6, 2023

Metro estimates that 800 people use Metro train and rapid transit bus stations as shelter each night By Dolores Quintana...

Arrests Made in Daylight Armed Robbery of Rolex in Downtown Santa Monica

February 6, 2023

February 6, 2023

Leroy McCrary and Donta Baker arrested in connection to September robbery By Sam Catanzaro Two men have been arrested for...

Santa Monica Nonprofit WISE & Healthy Aging Launches Advocacy Website

February 6, 2023

February 6, 2023

WISEOmbudsman.org designed to provide tools s to those who are looking to get better care in a skilled nursing or...

Tishman Speyer Announces Basis Investment Group as Equity Partner for Santa Monica Collection

February 3, 2023

February 3, 2023

BIG’s $30 million commitment — 11 percent of total equity — to the 3.1-acre mixed-use development will help create 617...

SMa.r.t. Column: To a Better Housing Element

February 3, 2023

February 3, 2023

Your City is busy rewriting much of its zoning code to implement our new Housing Element as demanded by the...

Two Industry Titans Invest $30M in Lavish Pacific Palisades and Santa Monica Homes

February 3, 2023

February 3, 2023

David Bonderman and Christa Campbell recently acquired two lavish homes By Dolores Quintana Private equity tycoon David Bonderman and his...

Four-Year-Old Mountain Lion P-81 Found Dead on PCH

February 2, 2023

February 2, 2023

P-81 found on Pacific Coast Highway near Las Posas Road On Sunday, January 22, the California Department of Fish and...

Rep. Lieu Secures $2.5 Million for Local Projects in Santa Monica

February 2, 2023

February 2, 2023

Funding will go towards Santa Monica Behavioral Health Center and Ready to Succeed Scholarship program  By Sam Catanzaro ​​Congressman Ted...

Steve Marcy, Beloved Lincoln Middle School Teacher and Scoutmaster, Passes Away at 77

February 2, 2023

February 2, 2023

Longtime Lincoln math teacher passes away  ​​Steve Marcy, beloved Lincoln Middle School teacher and Scoutmaster of Santa Monica Boy Scout...

California Referendum Postpones Controversial Fast Recovery Act That Would Increase Hourly Wages for Fast-Food Workers to $22

February 1, 2023

February 1, 2023

AB 257 would create a board of 11 appointees to negotiate on behalf of fast food workers in California Last...

Highly-Anticipated Downtown Santa Monica Restaurant Close to Opening

February 1, 2023

February 1, 2023

Bar Monette close to opening at 109 Santa Monica Boulevard By Dolores Quintana Bar Monette is almost ready to open...

SMC Receives Grant to Expand Access to Critical Support Services for Foster Youth

February 1, 2023

February 1, 2023

New NextUp program will provide academic & comprehensive support, plus direct financial aid to foster youth enrolled at SMC Santa...

Find Inspiration in Moses Sparks’ Latest Collection of Tree Portraits in the Santa Monica Mountains

February 1, 2023

February 1, 2023

The exhibition and sale run from February 1st – 26th at the King Gillette Ranch Visitor Center  Internationally-acclaimed wildlife photographer,...

Pacific Park Joins The City Of Santa Monica To Recognize ‘Black History Month’ With Ferris Wheel Salute

February 1, 2023

February 1, 2023

Display of red, yellow and green colors, patterns and transitions beginning at sunset February 1 On Wednesday, February 1, the...