Plans to construct a 24-story building in Santa Monica with 264 apartments, including 40 affordable housing units, utilizing recent changes in housing laws and zoning regulations for increased density.
The project at 601 Colorado Boulevard seeks to double the density allowed under the current zoning regulations by leveraging amendments to the state density bonus law, showing a trend towards greater densities and heights in construction.
Madison Realty Capital acquired the site from NMS Properties and is taking advantage of amendments to state laws to increase allowable density, working to unburden itself of $1.1 billion in debt.
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