Put insanely prolific developer NMS Properties--which seems to be building half the new apartments on the Westside--down for 150 new units in Santa Monica, near the future Expo Line terminus. The Santa Monica Daily Press reports that NMS filed development agreement applications for two sites, one at 501 Broadway and the other at 601 Colorado. In each case NMS wants to build 70-plus units over six stories, and both would be mixed-use projects. It's still very early in the planning process--and Santa Monica's planning staff are facing a multi-year backlog of projects at present--so there's much that's still unknown, like what will happen to the businesses currently operating at the two sites (together the projects threaten "Performance Bicycle and restaurants like Fritto Misto and Ninjin, as well as a hair salon and a chiropractor").
Also unclear is what kind of apartments NMS is planning to build. That decision could be influenced by Santa Monica's decision this week to prioritize development projects that include a certain amount of affordable housing or limit the number of studio apartments, among other criteria. Projects that meet any of these criteria will jump to the top of the planning staff's 35-project list. NMS submitted the development agreement applications in December when Santa Monica floated the idea of a moratorium on new development applications to help the city deal with the backlog.
Developer NMS is behind all the projects with a "@" in their name, like just-opened NMS@1420 and Luxe@Broadway with its tiny units. It's also the firm that controversially bought the Denny's at Lincoln and Broadway two years back.
· Developer files plans for 150 more units Downtown [SMDP]
· SaMo: Buildings With Affordable Units Go to Head of the Line [Curbed LA]