A new large-scale residential building could soon be seen at 2601-2645 Lincoln Boulevard in Santa Monica. The project proposal includes the development of a large-scale residential complex, replacing a Gelson’s store on the site. Plans call for the demolition of the retail store on the site.
SanMon, Inc, an affiliate of Balboa Retail Partners, is the project developer. Cypress Equity Investments is also a part of the project development team. Koning Eizenberg is responsible for the design concepts.
The project site is a parcel spanning an area of 4.7 acres. Lincoln Center, which would include 10 separate buildings standing up to five stories in height. The project proposes to bring 521 apartments spanning across a residential built-up area of approximately 870,000 square feet. The building will offer 53 affordable units and commercial space spanning an area of 36,000 square feet. Parking for 880 vehicles will also be provided on the site.
The units are planned as a mix of studios, one-bedroom, and two-bedroom units.
The project’s proposed entitlements, which rely on density bonus incentives for relief from certain zoning regulations for the property, would require that the affordable units be priced for households at the very low-income level.
According a project website, that would translate to $700 per month for a studio unit, $800 per month for one-bedroom unit, and $900 per month for a two-bedroom unit.
The project expects to break ground no earlier than 2024. The project site is located at the southeast corner of Lincoln Boulevard and Ocean Park.
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Should have at least 30% permantly affordable.