High-rise housing in the works at 1524 7th Street in Santa Monica

A new website reveals plans for a pair of multifamily residential developments from Hankey Capital in Downtown Santa Monica.

The larger of the two projects, slated for a property at 1518-1524 7th Street, would replace an existing 10-unit rental development. Plans call for the new construction of a 23-story tower featuring 104 for-sale homes and 20 deed-restricted affordable units, which would replace the existing housing. In addition the building would include parking for220 vehicles in a podium and subterranean garage, as well as amenities at the podium deck and rooftop.

The second and smaller project, located on the site also included, is a 100 percent affordable housing development proposed at 1238 7th Street. Plans call for the construction of a four-story building featuring 23 rental units, as well as common amenities for residents.

Ottinger Architects is designing both projects, per a representative of the firm.

The proposed project originated from one of more than one dozen applications submitted to the City of Santa Monica for "Builder's Remedy," developments at the time when the City's housing element was out of state regulators in 2023. City officials settled with WS Communities, the applicant attached to the majority of those projects, to allow them to move forward under formal city processes.

WS Communities lost control of much of its Santa Monica-heavy portfolio to lenders in 2024, including Hankey Capital and Madison Realty Capital. Both companies have since initiated new plans to redevelop several of the former WS Communities properties, resulting in proposals for multiple high-rise buildings in height-averse Santa Monica.

Outside of Santa Monica, Hankey Capital has invested in new residential developments in Koreatown, including a 25-story tower across the street from Lafayette Park.

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• Santa Monica (Urbanize LA)