Diico Properties Unveils Plans for Hotel-Apartment Project in Santa Monica
New Development in Mid-City Neighborhood
Diico Properties, a Beverly Hills-based developer led by Ely Dromy, has revealed renderings of an eight-story building at 1420 20th Street, in Mid-City, which will replace a 10-unit apartment complex. The project, designed by Ottinger Architects, will feature a 40-room hotel and 50 studio, one-, two-, and three-bedroom apartments above 1,299 square feet of shops and an underground garage for 62 cars.
Builder’s Remedy Project
The development is being built under the state builder’s remedy, a loophole in state housing law that allows developers to bypass local zoning rules in cities that failed to certify their required housing plans, if they include 20% affordable housing. The Santa Monica complex will include 10 affordable units, replacing the 10 apartments that currently occupy the site.
Design and Features
The white and olive building will feature exterior balconies partially wrapped in metal screens and a rooftop deck. The design is aimed at providing a unique and modern living experience for residents and hotel guests.
Background on Santa Monica’s Housing Situation
In 2022, Santa Monica received a flurry of applications for builder’s remedy projects, which ignored zoning regulations to limit height and density. The city eventually reached a settlement regarding most of these projects, which are now being processed ministerially by staff.
About Diico Properties
Diico Properties, founded in 1976 by Dromy as the Dromy International Investment Corporation, specializes in condominium conversions. The company owns properties in Los Angeles, Santa Monica, and West Hollywood, according to its website.
Conclusion
The Diico Properties’ hotel-apartment project in Santa Monica is the latest example of a builder’s remedy project in the city. With its unique design and modern amenities, this development is set to offer a new and exciting living experience for residents and hotel guests.
FAQs
Q: What is the builder’s remedy project in Santa Monica?
A: The builder’s remedy project is a loophole in state housing law that allows developers to bypass local zoning rules in cities that failed to certify their required housing plans, if they include 20% affordable housing.
Q: What is the scope of the Diico Properties’ project in Santa Monica?
A: The project will feature a 40-room hotel and 50 studio, one-, two-, and three-bedroom apartments above 1,299 square feet of shops and an underground garage for 62 cars.
Q: How many affordable units will be included in the project?
A: The project will include 10 affordable units, replacing the 10 apartments that currently occupy the site.
Q: Who is the developer behind the project?
A: Diico Properties, a Beverly Hills-based developer led by Ely Dromy.
