Private equity firm Madison Realty Capital has plans to develop an 18-story, 136,254-square-foot apartment building with a rooftop pool in Downtown Santa Monica, according to a report from LAYIMBY.
The 185-foot high rise will be located at 1437 6th St., between Santa Monica Boulevard and Broadway Boulevard and a short drive from the Santa Monica Pier. In renderings, the building’s design is split between units with spacious balconies and units with floor-to-ceiling windows overlooking the surrounding area. Once complete, the structure will overlook three other apartment buildings.
According to City of Santa Monica documents, the site will contain 172 one- and two-bedroom residential units. Out of the total units, 26 of those will be reserved as affordable housing. The design also includes 2,600 square feet for amenities and an additional 3,000-square-foot pool area. Residents will park in a four-level, underground parking garage containing 122 stalls.
Entertainment options in the surrounding area include Third Street Promenade’s retail and dining offerings and Venice Beach. The Santa Monica Airport is within driving distance, along with Penmar Golf Course, Ballona Wetlands Ecological Reserve and Marina Del Ray.
The tower was designed by LA-based firm Ottinger Architects with a focus on adding dense development to urban areas, according to OA’s website. The proposed high rise is a short walk from another recent OA project, which transformed the former site of the Santa Monica Denny’s into a modern, 13,000-square-foot, 100-unit residential and retail development. Unlike that development, 1437 6th St. is entirely residential.
City of Santa Monica documents show the site was originally occupied by three units of vacant multifamily residential, which is slated for demolition before the project begins. Madison Realty Capital submitted a preliminary application for the project and demolition to the City of Santa Monica’s planning division in June 2023. The application also requested a waiver to increase the building height to 184 feet.
According to the report from LAYIMBY, the project falls under the Builder’s Remedy designation laid out by California Government Code 65589.5, the Housing Accountability Act. Madison Realty Capital is a prominent real estate investment and finance firm based in New York City, specializing in providing capital solutions for commercial real estate projects. Established in 2004, the firm has completed $44.9 billion of securities and non-securities real estate transactions and manages $20.2 billion in assets globally. Madison Realty Capital works with developers and property owners across various asset classes, including multifamily, office, retail, and hospitality sectors.
