Holland Partner Group has pivoted from a stalled plan to build an office building in Santa Monica to 370 apartments.
The Washington State-based developer led by Clyde Holland has filed plans to build an eight-story complex at 1633 26th Street, near Bergamot Station, Urbanize Los Angeles reported. It would replace a three-story office building.
Two years ago, Sawtelle-based Kilroy Realty had planned to build a 190,000-square-foot office building, by revamping the existing offices and expanding into an adjacent parking lot. But it paused the project, citing an “all-time peak in construction costs and labor costs.”
Kilroy, which still owns the site, bought the property in 2014 for $25.2 million, then won approval for its redevelopment.
Kilroy has authorized Holland to build apartments, but terms of their agreement were undisclosed.
Holland Partner Group has proposed clearing the site for the 370-unit complex of one-, two- and three-bedroom apartments above 2,400 square feet of ground-floor shops and restaurants. A two-level underground garage would serve 527 cars.
The developer will employ density bonus incentives for a larger building than zoning rules allow in exchange for 37 affordable apartments for low-, very low- and moderate-income households.
The U-shaped building, designed by AC Martin in three shades of gray, wraps around a central courtyard.
The surrounding blocks are largely dominated by large office buildings, including the Water Garden complex across the street, but there are signs of residential development, according to Urbanize. A recent application to the city includes four high-rise buildings of more than 1,500 homes at 3030 Nebraska Avenue.
Holland Partner Group, founded in 2001 in Vancouver, Washington, has developed 80 urban infill apartment projects with nearly 20,000 units, valued at $10 billion in Arizona, California, Colorado, Oregon and Washington, according to its website.
— Dana Bartholomew
Read more
- Coast Meridian plans 69-unit apartment complex in Santa Monica
- Madison Realty unveils look of apartment highrise in Santa Monica
- Cypress Equity eyes Santa Monica development as others sit on sidelines
The post Holland Partner Group pitches 370 apartments in Santa Monica appeared first on The Real Deal.
Powered by WPeMatico