Project would replace existing structure with 133 apartments and subterranean parking.
Property owner Kennedy Wilson has submitted preliminary plans to replace a two-story commercial building near the E Line in Downtown Santa Monica with a new residential complex.
The application filed with the city’s Community Development Department outlines the demolition of the existing windowless structure at 700 Colorado Ave. to construct an eight-story building containing 133 apartments. The unit mix includes studio, one-bedroom, and two-bedroom layouts positioned above a three-level underground garage with 137 parking spaces.
Under state density bonus regulations, the project incorporates 15 units reserved for moderate-, low-, and very low-income households in exchange for incentives allowing increased height and density beyond local zoning limits.
Architecture firm AC Martin designed the proposed podium-style development, which plans show will feature modern exterior styling and a rooftop amenity space.
