Off-site Affordable Housing program sparks double-project expansion in Santa Monica

Cypress Equity Investments targets two blocks near Douglas Park for mid-rise residential and retail structures.

Two additional multi-family developments are slated to transform the Wilshire Boulevard corridor as Cypress Equity Investments enlarges its footprint under a specialized municipal housing incentive initiative, as reported by Urbanize Los Angeles.

The developer is moving forward with plans for a pair of eight-story mixed-use structures that will collectively add 320 residential units to the area. Both projects are leveraging Santa Monica's off-site affordable housing pilot program. The municipal initiative allows select density-bonus developments to fulfill their low-income housing requirements at alternative locations, a strategy city officials implemented to accelerate a historically slow pace of local residential construction.

The first development, located at 2025 Wilshire Boulevard, will replace a low-rise commercial strip previously anchored by a Chipotle and a Veggie Grill. Plans call for 150 apartments situated above 8,600 square feet of ground-floor retail space and a three-level underground garage accommodating 205 vehicles. DLR Group is spearheading the architectural design of the podium-style building, which features a pronounced, modern geometric cutout along its main facade to expose an interior courtyard to the streetscape.

Further east at 2501 Wilshire Boulevard, a neighboring commercial block adjacent to Douglas Park will be demolished to make way for a similar eight-story complex. Designed by Ottinger Architects, this second building will feature 170 residential units, roughly 9,000 square feet of ground-level commercial storefronts, and a four-level subterranean parking garage with space for 253 cars.