Santa Monica is just killing LA in its Expo Line prep. The city has pledged money for station upgrades and developers are moving in all around the line's terminus at Fourth and Colorado. The latest: the busy apartment developer bees at NMS Properties have just bought up the Denny's property at Lincoln and Colorado, a few blocks up from the terminus (it's also Bay Cities-adjacent). According to the LA Times, the property assessed for $1.5 million, but sold for $11.25 million; it had 19 offers. The Denny's lease is up in 2013 (the restaurant has been there since 1968) and NMS plans to build a mixed-use building that's "very pedestrian friendly, heavy retail orientation with some really strong design elements," according to a rep. NMS also has mixed-use projects underway at Lincoln and Broadway and on Lincoln near Olympic. Meanwhile, a one and a half acre property at the southeast corner of Lincoln and Colorado (currently home to a Norms and the Wertz Brothers Antique Mart) is about to hit the market. The city has already approved a mixed-use building at Fourth and Broadway and required zero parking.
· Santa Monica coffee shop is sold to housing developer [LAT]
Filed under:
Loading comments...