Developer Planning 150 More Apartments Downtown

The president of one of the biggest apartment developers in Santa Monica says he loves eating at Fritto Misto, but isn't sure what the restaurant's future will hold if his company redevelops the downtown property.

Jim Andersen, president of NMS Properties, told the Santa Monica Daily Press on Thursday that he has not addressed what will become of the Italian restaurant. 

In December, NMS filed applications with the city for development agreements at 601 Colorado Ave., where Fritto Misto is, and at 501 Broadway, the current site of Performance Bicycle.

Santa Monica Now Juggling 32 Development Applications

The very early plans call for two separate mixed-use projects that would total 150 residential units. Combined, they would have 219 parking spaces and 17,400 square feet of ground-floor commercial and retail space. Each building would be six-stories tall. Both projects require City Council approval.

They are among the latest applications for development agreements to be filed with the city. Three others have since been filed:

• 1613 Lincoln Blvd.: Five-story, 56-unit mixed-use building with 3-level subterranean garage. Submitted Dec. 11, 2012 by Gregg Goldman, Cypress Equity Investments LLC.
• 1431 Colorado Ave.: Four-story, 50-unit mixed-use Building with 10,475 square feet of ground floor retail and 2,110-square-foot restaurant, 1,800-square-foot activity room and 1,100-square-foot recreation room; three levels of residential and three levels of subterranean parking. Submitted Jan. 8, 2013 by Shahab Ghods, Plus Architects.
• 603 Arizona Ave.: Six-story, 39-unit mixed-use building totaling 50,00 square feet with 2,500 square feet of ground floor retail and three levels of subterranean parking. Submitted Jan. 8, 2013 by Gregg Goldman,
  FSTAR 1641 LLC.

NMS opened new apartment buildings at 1420 and 1430 Fifth St. in Santa Monica in December. They were one-third leased as of Jan. 29. Rental prices start at $2,695 for one-bedroom units, and $3,795 for two-bedroom apartments, the developer said.

To read the Daily Press story, "Developer files plans for 150 more units Downtown," click here.

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