Council approves next steps for affordable housing development of city-owned sites

Santa Monica's City Council has approved a Housing Element that outlines plans to build 1,880 affordable homes on city-owned sites, with immediate focus on Bergamot Station Arts Center and 4th/5th/Arizona. These sites are currently generating $2. 5 million annually for the city through leases with banks, which have expressed interest in remaining at these locations. The Bergamot Station site is committed to developing 707 affordable apartments, while 4th/5th/Arizona is designated for 331 units. To comply with the Housing Element, Notices of Availability will be issued for all three properties this year, with a focus on maximizing affordable housing and retaining current tenants.

Furthermore, the city-owned Parking Structure 1 may be integrated into the development plans to enhance community benefits and revenue opportunities. The City Council has mandated a 90-day negotiation period with developers responding to the proposals, streamlining the process to meet housing needs. This initiative is part of a broader effort to revitalize downtown Santa Monica and address the critical shortage of affordable housing. The city aims to balance development with the needs of existing tenants, ensuring a collaborative approach to urban growth.