M
adison Realty Capital is planning to build a proposed 18-story affordable apartment building in Santa Monica. The New York-based private equity firm acquired the site at 1435 5th Street from NMS Properties, which had filed for builder's remedy status but later sold off its assets to unburden itself of $1.1 billion in debt. The complex will feature 422 studio, one- and two-bedroom apartments above 7,100 square feet of ground-floor shops and restaurants, with a two-level underground parking garage serving 188 cars.

    The building design by Ottinger Architects includes smooth stucco and zinc cladding, continuous exterior balconies, and floor-to-ceiling windows. The complex will have courtyards at the second level facing east and west, as well as a rooftop swimming pool deck. Madison Realty is also behind two other proposed high-rise developments in Santa Monica: an 18-story apartment building at 1433-1437 6th Street and a 24-story tower at 601 Colorado Boulevard.

    The builder's remedy loophole allows developers to bypass local zoning if their project includes at least 20% affordable housing. This month, Gortikov Capital acquired an 11-building, 399-unit affordable apartment portfolio in Santa Monica from WS Communities for $120 million.