Kennedy Wilson is looking to add much-needed housing to Santa Monica’s multifamily inventory.
The Beverly Hills-based firm filed an application with the City of Santa Monica’s Community Development Department to build an eight-story apartment building with 133 units and 137 parking spaces at 700 Colorado Avenue, Urbanize Los Angeles reported. The project would replace a windowless two-story commercial building at the site.
Kennedy Wilson is seeking density bonus incentives to build a larger structure than city zoning laws would normally allow. In exchange, the firm is designating 15 units for rent to moderate-, low- and very low-income households. In Los Angeles County, that works out to annual incomes between $58,300 and $139,920 for a one-person household.
The 700 Colorado project is being designed by local architecture firm AC Martin. The building will rise in a contemporary podium style with a rooftop amenity deck.
The building will be located a few blocks east of the end of the Metro E Line at the Downtown Santa Monica station, with tracks running in front of the building on Colorado Avenue. Transit-oriented development has emerged as a popular avenue to fast-tracked approvals across the Golden State, so much so that it could become law; Assembly Bill 2074, dubbed the Downtown Revitalization Act, is working its way through the state legislature, The Real Deal reported last month.
Including affordable housing as part of projects to secure density bonuses or streamlined approvals has become a go-to tactic for Los Angeles developers looking to get shovels in dirt faster. In the post-pandemic years of 2020 to 2024, Los Angeles ranked among the top metro areas nationwide building affordable housing, with nearly a quarter of all delivered units being income-restricted, according to RentCafe. The implementation of Los Angeles’ Executive Directive 1, which provides expedited approvals for 100 percent affordable developments, has helped supercharge development in the region.
— Chris Malone Méndez
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