SANTA MONICA, CA-Two partnerships formed by LA-based Hanover Financial Co. and privately held JSM Construction have paid a combined $2.4 million for twin parcels in this Westside enclave and plan to build 96 apartment units and 3,000 sf of retail space on the land.

The parcels, at 1536 and 1540 Sixth St., total 14,994 sf. One partnership is known as JSM Livorno LLC and the other is JSM Verona LLC.

The partners plan to tear down the existing 20-unit building that stands on the property. In its place, the partnership will develop two 48-unit apartment complexes, for a combined 96 units with 3,000 sf of retail.

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