Cypress Equity Investments, a Los Angeles-based developer, has submitted plans for a 260-unit mixed-use housing project at 1931 Wilshire Boulevard in Santa Monica.
The proposed development features an eight-story building that would include 260 studio, one-, and two-bedroom apartments, alongside 11,000 square feet of ground-floor commercial space and a three-level, 320-car subterranean parking garage, according to a report from Urbanize.
The project aims to capitalize on Santa Monica’s growing demand for housing along its commercial corridors. CEI’s application includes requests for density bonus incentives, allowing for a larger building than current zoning permits. In a commitment to affordable housing, the developer plans to designate 26 of the new apartments for very low-income residents, according to the report.
Architecture firm AC Martin is leading the design of the project, with landscape architecture led by LRM. The rendering depicts a contemporary building with clean lines and a concrete and metal facade. Balconies and terraces add visual interest and break up the mass of the building. The proposed structure would also feature courtyards and rooftop amenities for residents.
This proposal is part of CEI’s broader strategy to increase residential offerings in Santa Monica, which includes another 140-unit complex proposed directly across the street at 1902 Wilshire Boulevard, according to the report.
Wilshire Boulevard has been the site of several residential proposals over the last few months.
In August, a proposal for a 42-story, 34-unit tower at 5411 Wilshire Blvd., known as Mirabel, was moving through the city’s approval process. Like CEI’s proposal, the developer is seeking density bonus incentives. 29 units will be designated as very low-income apartments.
Another project reported by The Registry in September would bring 760 residential units to 3600 Wilshire Blvd. in Koreatown. Jamison Service’s Inc. proposed two 269-foot, 23-story towers with a mix of studio apartments, one- and two-bedroom units along with 6,359 square feet of retail on the ground floor.
The City of Santa Monica will review the application, with further public discussions anticipated in the coming months.
As Santa Monica grapples with housing shortages and rising rental prices, CEI’s proposals aim to provide much-needed housing options while integrating community-focused commercial spaces.
In February, Gov. Gavin Newsom designated the city as a Prohousing community, one of 37 across the state that meet the requirements to apply for funding from the $9.5 million Prohousing Incentive Program. Qualifying cities also get priority when applying for other kinds of state funding.
