July 18, 2024 #1 Local News, Forum, Information and Event Source for Venice Beach, California.

Equity Firm Adjusts Plans for Another Santa Monica Mixed-Use Project

It’s Modified Plan Incorporates 150 Residential Units and Ground-Floor Commercial Space

Cypress Equity Investments has initiated revisions once again for one of its handful of mixed-use projects intended for Santa Monica, Urbanize LA reported.

Since 2022, the Los Angeles-based developer has been pursuing a project located at 2025 Wilshire Boulevard. The original proposal entailed replacing a series of commercial structures with a multifamily residential complex featuring ground-floor commercial usage. Initially, it was envisioned as a four-story structure with 46 residential units. However, a recent proposal update, disclosed through a project website, presents an expanded eight-story development, reported Urbanize. 

This modified plan incorporates 150 residential units, ground-floor commercial space, and a subterranean parking facility spanning three levels with a capacity for 205 cars. A rendering of the updated design showcases a contemporary building characterized by earthy brown and beige tones, with perforated metal panels adorning balconies and an interior opening integrated into the structure, reported Urbanize.

The earlier iteration of the project had intended to include off-site affordable housing in a building on 19th Street.

The private equity investment company is concurrently advancing two other developments along Wilshire Boulevard and has over half a dozen projects in the pipeline throughout the City of Santa Monica.

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