Santa Monica Observer - Community, Diversity, Sustainability and other Overused Words

By Stan Greene
Observer Staff Writer 

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

When three or four stories isn't enough: 1547-7th Street was built 15 years ago, but NMS will tear it down anyway.

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.

Sign on 1547-7th Street. Property was built 15 years ago, but NMS will tear it down anyway.

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

 
 

Reader Comments
(1)

Mungerman writes:

Our elected representatives are indifferent go the quality of life of current residents. They just want to urbanize and add density to generate more tax revenues to feed their bloated budget. May they go to Hell.

 
 
 

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