Downtown Santa Monica could be seeing new development, as AMCAL Multi-Housing Company has proposed a residential project at 1632-1640 5th Street. The project envisions a sprawling apartment complex boasting nearly 600 apartments, strategically situated near the bustling Downtown Santa Monica Station, city documents show.
The project site spans 1.85 acres, encompassing city-owned land at 1632-1640 5th Street, as well as the “kiss-and-ride” lot, which has been deemed “surplus land” and is primed for development. The proposed complex is slated to accommodate approximately 570 dwelling units, with an emphasis on affordability. To ascertain the precise housing allocation, a feasibility study is in the works.
AMCAL emerged victorious in the competitive selection process, elevating their proposal to the forefront by pledging to allocate 25 percent of the housing units as affordable housing.
Simultaneously, they have significantly reduced the purchase price for the city properties. AMCAL would also acquire “The Comma Building,” an adjoining commercial property from Lincoln Property Company, further enhancing the development’s potential.
The project application is currently under review, with potential construction timelines yet to be disclosed. The proposal was first unveiled by the Santa Monica Daily Press, heralding a new era of urban development in the heart of Santa Monica.
Based in Agoura Hills, AMCAL Multi-Housing was founded approximately 45 years ago with the goal of developing affordable, market-rate and student rental housing in California, Texas and Washington.
Nearby in Long Beach, the company is also developing a 100-unit affordable housing project at 946 Linden Ave. Construction for this project would begin in 2024, and would include a four-story apartment building with a mix of one-, two- and three-bedroom units, according to The Registry’s previous reporting.
