NMS To Tear Down New Four Story Building at 1547-7th Street, and Build 8 stories
1547-7th Street was built 15 years ago, but NMS will tear it down anyway, to add 100 apt Units.
February 12, 2020
In line with progressive densification, WS Communities, a synonym for NMS Properties, is upscaling your community.
The company will tear down a 4 story mixed use building at 1543 7th Street, in order to replace it with 8 stories of apartments.
The developer is proposing a 100-unit apartment building with 4,441 square feet of ground-floor retail space, according to Urbanize LA.
The interesting thing is that they opened this particular building only 15 years ago, in 2005. Well, bigger is better, and you can never be too rich or have too many units on a Santa Monica lot.
The Current City administration has encouraged such densification, without regard to water, traffic or really anything else.
NMS Properties stands for Neil M. Shekhter. A prolific developer, Shekhter has been in the headlines since 2014, when he became embroiled in a legal dispute with AEW Capital Management - his former joint venture partner - over the sales of a nine-property portfolio in Los Angeles to SPI Holdings.
NMS is also famous for demanding $5000 a month for a two bedroom apartment, and $3500 a month for one bedroom. It's unclear who can afford those rents, but obviously someone can, because NMS has pretty much built all the multi unit buildings on 6th and 7th Street from Olympic to Wilshire Blvd. in Downtown Santa Monica