Los Angeles, CA – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, listed Santa Monica Mini Storage, a storage facility located at 1620 14th Street and 1621 Euclid Street, Santa Monica, CA. The property is one of the first listings available for redevelopment as the city of Santa Monica is in the process of changing zoning standards that would encourage multifamily development at the listed property. The asset is listed by Shane Avera, Bill Pedersen, and Maxx Bauman.

 

The two parcels sit on 1.39 acres, at the intersection of Colorado Avenue and 14th Street, just steps from the 17th St/SMC Station of the L.A. Metro E Line light rail system. The area is trending toward developing creative office spaces, with several office/mixed-use projects in the immediate area recently approved and set to begin development.

 

The final draft version of the Santa Monica Housing Element was released on October 5, 2021 and proposes significant changes to the City of Santa Monica’s zoning standards to encourage the production of additional housing – particularly affordable housing in targeted areas of the City that include 1620 14th Street and 1621 Euclid Street. Such changes include increasing the maximum allowable FAR and height and allowing multifamily housing in the current zoning of the two parcels. These changes will substantially increase the redevelopment potential of the project. The final version of the Housing Element is expected to be approved in 2022.

 

“This change in policy created a prized and rare opportunity for investors,” Pedersen said. “The ongoing housing shortage has created an urgent and ample need for multifamily units. The Santa Monica Mini Storage property is a first-rate location for multifamily housing and will be one of the opportunities available since the proposed changes to the zoning regulations.”

 

Eager multifamily investors are already in stiff competition for a limited amount of land, creating an aggressive bidding environment for sellers and driving prices.

 

“The demand for multifamily is not going anywhere in Los Angeles,” Bauman said. “We are excited to offer an amazing property with so much potential for both the Santa Monica community and investors.”

 

For more information on the Santa Monica Mini Storage listing, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.