Santa Monica Mixed-Use Development Starts on Pico Boulevard
The construction of a new Santa Monica Mixed-Use Development has officially commenced, marking a significant step in the revitalization of the city’s Pico Boulevard corridor.
According to a report by real estate outlet Urbanize LA on the 10th, ground has been broken at 234 Pico Blvd, the former site of the Pico Bowl. This project aims to transform the vacant lot into a vibrant residential and commercial hub in the heart of Santa Monica.
Project Scope and Modern Amenities
Led by the developer Cypress Equity Investments, the project features a four-to-five-story building designed to accommodate urban lifestyles. The complex will house a total of 186 apartment units, ranging from efficient studios to spacious one- and two-bedroom floor plans.
In addition to the residential component, the ground floor will boast approximately 11,000 square feet of commercial space, intended for retail and dining options that will serve both residents and the surrounding community. To accommodate the high density, the facility will also include a subterranean parking garage with a 346-car capacity.
Density Bonus and Affordable Housing Initiatives
A key highlight of this Santa Monica Mixed-Use Development is its utilization of local density bonus incentives. By applying for these regulatory breaks, the developer was permitted to exceed standard zoning height and density limits.
In exchange for this increased capacity, Cypress Equity Investments has committed to reserving 19 units specifically for low-income households. This agreement aligns with Santa Monica’s ongoing efforts to increase affordable housing inventory amid rising demand in the coastal region.
Architectural Vision and Approval
The architectural design is being handled by KFA Architecture, a firm well-known for its expertise in multi-family housing and urban infill projects. The City of Santa Monica officially approved the development plans in 2023, following an extensive review process to ensure the building integrates seamlessly with the neighborhood’s aesthetic.
BY YEONGCHAE SONG [song.yeongchae@koreadaily.com]
