SANTA MONICA—Hundreds of new apartments are expected to be built along Lincoln Boulevard in downtown Santa Monica in 2017.
The area which currently consists of auto-shops and hardware stores will be turned into five-story apartment buildings. The 66 apartment units are consistent with the city’s plan to add housing to Lincoln Boulevard.
Cypress Equity Investors, the developer for the 1641 Lincoln Boulevard property, has 7,000 square feet of prime real estate space and 66 residential units. Amenities for the property include a large pool and sun deck, a spacious lounge-entertainment space and a screening room, the company states on their website.
The property will have underground parking, a commercial space on the first level, and residential units above level one. The property will be located within walking distance to the Third Street Promenade shopping center. It will replace the Aaron’s Brother frame store.
The building will be required to set aside units for affordable housing, according to Santa Monica Daily Press.
The Santa Monica Planning Commission also approved a five-story apartment building at 1560 Lincoln Boulevard. The property will be developed by NMS Properties, with a proposed 100 apartment units, 232 underground parking spaces, and over 13,800 square feet of commercial space.
To counter the rising cost of living the Downtown Community Plan (DCP) has approved development of numerous residential units.
Lincoln Boulevard was selected to be renovated due to its city views, and proximity to the Third Street Promenade, the Metro, and the I-10 Freeway.