Fresh Renderings for Santa Monica High-Rise at 1520 7th Street

Why It Matters

The project adds valuable housing inventory, including affordable units, to Santa Monica’s tight market and illustrates how lenders are now driving the city’s high‑density development agenda.

Key Takeaways

• 23‑story, 256‑ft tower replaces 10‑unit rental building
• 119 condos plus five deed‑restricted affordable units offered
• 216 parking spaces provided in mixed above/below‑grade garage
• Designed by Ottinger Architects with glass façade and wood‑slat podium
• Hankey Capital redevelops former WS Communities site amid lender takeover

Pulse Analysis

Santa Monica’s housing shortage has intensified pressure on city officials to approve higher‑density projects. The “Builder’s Remedy” program, introduced to accelerate affordable housing, has become a conduit for developers like Hankey Capital to repurpose underutilized sites. By acquiring assets from the distressed WS Communities portfolio, lenders are now directly influencing the city’s growth trajectory, turning former low‑rise rentals into vertical communities that align with regional housing goals.

The 23‑story tower at 7th Street blends modern design with functional amenities. Ottinger Architects’ glass façade, overlapping and flaring at the crown, creates a sense of lightness, while the podium’s wood slats and stone‑colored metal panels convey solidity at street level. Inside, 119 market‑rate condominiums cater to affluent buyers, complemented by five deed‑restricted affordable units that satisfy municipal inclusion mandates. A 216‑space garage, split between above‑ and below‑grade levels, addresses parking constraints in a transit‑rich corridor near the E Line.

Beyond the immediate site, the project signals a broader trend of lender‑driven redevelopment in coastal Los Angeles. Hankey Capital’s recent activity in Koreatown, including a 25‑story tower near Lafayette Park, demonstrates a strategic pivot toward high‑rise, mixed‑income projects that can secure financing and meet zoning incentives. As lenders continue to acquire distressed portfolios, their influence may reshape Santa Monica’s skyline, accelerating the delivery of both market‑rate and affordable housing while redefining the role of traditional developers.