Los Angeles’ beloved shopping and dining spot, Downtown Santa Monica, is headed towards exciting developments in its real estate space. Based on a recent announcement made by Hankey Capital, its popular 1441 Lincoln Boulevard will soon be home to a new housing development. The proposed housing project will offer 90 apartments across its 8 stories.
Highlights
- A new housing development will be built at 1441 Lincoln Boulevard.
- The 8-story building will offer residents from across Downtown Santa Monica the chance to live in its 90 apartments.
- The Lincoln Boulevard-based housing development will offer affordable housing options for residents.
New Development at 1441 Lincoln Boulevard Project
The proposed project, which is based in Downtown Santa Monica, will bring a housing development to Lincoln Boulevard’s empty lot. Its mid-block site, which will be developed by Hankey Capital, is located between Broadway and Santa Monica Boulevard.
Developers from Hankey Capital will construct the eight-story building, which will have 90 studio, one-bedroom, and two-bedroom apartments. Residents at the proposed 1441 Lincoln Boulevard development will also enjoy subterranean parking, which will accommodate 95 vehicles.
Out of the 90 apartments at this Downtown Santa Monica project, nine will be kept separately for affordable housing for residents with low, moderate, or very low-income levels.
The proposed 1441 Lincoln Boulevard Project will be designed by Ottinger Architects. The LA-based architectural firm will be giving a white and blue exterior for the contemporary podium-type building. Ottinger Architects will further line the exterior with cantilevered balconies.
The Initial Proposed Idea for the Housing Development
The proposed development for the 1441 Lincoln Boulevard Project started as a part of the 13 Builder’s Remedy projects by WS Communities. In 2022, the real estate firm agreed to process the project administratively with the City of Santa Monica.
Initially, plans were to develop a 12-story housing complex with 190 apartments through the project. However, WS Communities lost its portfolio to creditors like Madison Realty Capital and Hankey Capital. These creditors, including Hankey Capital, have now started going ahead with the former firm’s remedy developments.
The newly proposed project for the 1441 Lincoln Boulevard location in Downtown Santa Monica promises to bring growth to the area’s real estate space. Its 90 apartments, along with the affordable housing option, will offer a new living option in the loved shopping and dining location.
Although the Lincoln Boulevard-based project has evolved from its initial 12-story plan, the current proposed project will still offer benefits through its amenities and modern design.
