A windowless two-story commercial building on Colorado Avenue could give way to 133 apartments if Beverly Hills-based developer Kennedy Wilson wins city approval for an eight-story residential tower fronting the Downtown Santa Monica E Line tracks.

Kennedy Wilson filed preliminary application No. 26ENT-0156 with Santa Monica's Community Development Department to demolish the existing structure at 700 Colorado Ave. and build an 84-foot building with studio, one-bedroom, and two-bedroom units above a three-level underground garage holding 137 parking spaces, according to the city filing and reporting by the Santa Monica Mirror.

The project invokes California's density bonus law to exceed local zoning limits on height and density. In exchange, Kennedy Wilson would set aside 15 affordable units: five for very low-income households, five for low-income, and five for moderate-income. In Los Angeles County, those thresholds translate to annual incomes between $58,300 and $139,920 for a one-person household, according to The Real Deal.

The SB 330 preliminary application, signed June 30 by property owner In Ku Lee, locks in current zoning rules under the Housing Crisis Act and requests several waivers, including a floor-area ratio increase to roughly 5.92 and a reduction in the minimum courtyard width required by the Downtown Community Plan.

Architecture firm AC Martin designed the building with a rooftop amenity deck and balconies, according to plans filed with the city.

The proposal arrives as city leaders push to bring more residents downtown. City Manager Oliver Chi told the Los Angeles Times in October 2025 that "the private sector hasn't been investing in the city" and called repopulating downtown a key element of revitalization. The 700 Colorado site sits within a cluster of recent and proposed developments around the E Line terminus, where Metro tracks run directly past the property.

The project is still at the preliminary stage. Kennedy Wilson's development team has scheduled a virtual community meeting for Thursday, July 30, to present the proposal and take questions from neighbors. The next steps in the approval process are formal applications for Administrative Approval and Architectural Review Board review, which will trigger additional public notices and new chances for residents to weigh in. A project website is live at 700colorado.com.