Madison Realty Plans Tallest Tower in Santa Monica
Lender who acquired site in deed-in-lieu deal plans 24-story apartment building.
Madison Realty Capital has disclosed plans to build the tallest building in Santa Monica.
The 264-unit apartment tower planned for Colorado and 6th Street will be 260 feet tall, which is three times the height of the most famous landmark at the Santa Monica Pier, the Ferris wheel, and taller than the 21-story tower at 100 Wilshire that has been the tallest in the city since the 1970s, according to a report in the Santa Monica Daily Press.
NYC-based Madison acquired the site at 601 Colorado as one of 20 properties it acquired from WS Communities.
In January, Los Angeles-based WS Communities signed deeds-in-lieu of foreclosure on 28 multifamily buildings development sites across Los Angeles County, shedding $1.1B in debt and nearly half of its portfolio.
Madison took over the bulk of the properties. Lightstone Capital and Hankey Capital also signed deeds-in-lieu with WS Communities, with Lightstone taking over three properties and Hankey six properties.
A commercial building near the western end of the Metro’s E Line would be demolished to make way for the new tower, which would be built across the street from the Big Blue Bus depot, according to the report.
The proposed tower, unveiled at a community meeting, will include 40 deed-restricted affordable units, with 4,200 SF of ground-floor commercial space, a fitness center and a two-level basement parking garage that can accommodate 103 cars.
Ottinger Architects is designing the project, with renderings showing a contemporary glass-clad high-rise, with floor-to-ceiling windows with rows of exterior balconies and a rooftop deck.
The tower at 601 Colorado, which exceeds the maximum 130-foot building height allowed by the city’s downtown community plan, will make use of recent amendments to state housing law that allow greater densities and heights for projects including affordable housing, the report said.
Madison Realty also acquired from WS Communities a recently completed apartment tower at 6401 Wilshire Boulevard in Beverly Grove.