A prominent commercial building located near Santa Monica’s western end of Metro’s E Line may soon be replaced by what could potentially become the tallest structure in the city. A newly proposed mixed-use high-rise development at 601 Colorado Ave. envisions a 24-story tower that would dramatically reshape the local skyline, according to industry reports. The project calls for the construction of 264 apartments, including 40 deed-restricted affordable units, above a 4,200 square feet of ground-floor commercial space and a two-level, 103-stall basement parking garage. At an estimated height of 260 feet, the tower would rival the iconic 100 Wilshire building, which has held the title of Santa Monica’s tallest building since the 1970s.
Industry reports show that Ottinger Architects is the designer and Madison Realty is the current owner of the property as well as the project developer. Madison Realty acquired the site from NMS Properties earlier this year as part of a settlement agreement involving over $1 billion in unpaid debt.
The development of 601 Colorado Avenue is made possible by a “builder’s remedy” agreement reached by the property’s previous owner with the city last year, industry reports show. Builder’s remedy is a provision in state housing law designed to penalize cities that failed to address the deepening housing crisis. Developers have been invoking this provision in the hopes of pushing through projects that exceed local zoning restrictions.
Several multifamily properties have been proposed in Santa Monica in recent months.
Los Angeles real estate titan Cypress Equity Investments, already pushing through two major mixed-use developments, has unveiled new plans to fill yet another vacant lot with modern apartments and retail space in the city. The project is located on two side-by-side parcels at 1801 and 1819 W. Santa Monica Blvd. If approved, the sites will sprout two eight-story buildings, injecting 288 new studio, one-, two- and three-bedroom apartments into Santa Monica’s housing mix. The proposed development will also feature 2,700 square feet of ground-floor commercial space. Designed by DLR Group, each building is also slated to add 15 affordable housing units, totaling 30 across the entire development.
