A notice posted outside of a small office building in Downtown Santa Monica signals that another mixed-use development could be coming to the neighborhood.
The property, located at the southwest corner of 6th Street and Arizona Avenue, was developed with a two-story, 15,000-square-foot office building in the late 1970s. Cypress Equity Investments (CEI), the owner of the roughly .42 acre site, is seeking entitlements to raze the existing structure to make way for a new seven-story edifice featuring 115 apartments above approximately 4,200 square feet of ground-floor commercial space and a two-level, 76-car subterranean parking garage.
The project, called 528 Arizona, is being designed by DFH Architects. Renderings depict a contemporary low-rise structure, similar to others now built or planned in Downtown Santa Monica. The proposed retail uses would line the Arizona Avenue side of the property, while street-fronting dwellings would face 6th Street and the Santa Monica Family YMCA to the south. Other components of the project include a rooftop deck, a courtyard, and a fitness center.
CEI, the developer behind 528 Arizona, acquired the property for just over $19 million in September 2020, according to County Assessor's records.
The Los Angeles-based firm is no stranger to Santa Monica. CEI is currently partnering on a series of recently-finished and under-construction developments near the intersection of Lincoln Boulevard and Colorado Avenue, and is also planning a mixed-use building at 3223 Wilshire Boulevard.
The company's projects outside of Santa Monica include a proposed affordable housing complex in Pico-Union and a planned multifamily residential building in Echo Park.
- Santa Monica (Urbanize LA)