Cypress Equity Investments has secured a $170-million construction loan for the construction of two mixed-use apartment buildings in Santa Monica.
The funding, announced earlier this week, will allow CEI to move forward with projects slated to replace commercial buildings near Douglas Park. They include:
Rendering of 2025 Wilshire Blvd.DLR Group
An eight-story development which would featuring 150 residential units above approximately 8,600 square feet of ground-floor commercial space and a three-level, 205-car subterranean parking structure.
Located at the intersection of Wilshire and 21st Street, the new development would replace a strip mall and a commercial building that previously housed a Chipotle and a Veggie Grill.
View looking northeast from Wilshire BoulevardOttinger Architects
Located directly east across the street from Douglas Park, the project will consist of an eight-story building featuring 170 residential units above roughly 9,000 square feet of ground-floor commercial space and a four-level, 253-car subterranean parking garage.
Ottinger Architects is designing the contemporary podium-type building.
Both projects, along with another development from CEI which recently broke ground at 1902 Wilshire Boulevard, are part of Santa Monica's off-site affordable housing pilot program, through which a handful of density bonus projects will be permitted to build required affordable housing at an off-site location, with the intention of bolstering the city's sluggish pace of new housing construction.
Combined with a project also underway at 234 Pico Boulevard, CEI has more than 600 apartments in construction in Santa Monica, with hundreds of additional homes planned at various sites throughout the city.
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- Santa Monica (Urbanize LA)
