From 16 Stories to 8: Hankey Capital’s Revised Santa Monica Project

Hankey Capital has downsized its initial proposal for a 16-story apartment building under California’s builder’s remedy law. The updated plans call for an eight-story, 90-unit apartment complex at 1441 Lincoln Boulevard in Santa Monica. The Hancock Park-based developer submitted the revised project, which will feature studio, one-, and two-bedroom units, as well as underground parking for 94 vehicles. Nine of the apartments are set aside as affordable housing for households with very low, low, and moderate incomes. The project, designed by Ottinger Architects, will have a modern white exterior with vertical windows and balconies.

Background on the Development
The project originated as one of 14 builder’s remedy developments initiated by WS Communities, led by Neil Shekhter, in 2022. These projects were later processed in collaboration with the City of Santa Monica. However, after financial challenges, WS Communities had to relinquish much of its portfolio to lenders, including Hankey Capital and Madison Realty Capital. Hankey Capital has since moved forward with several of these projects, including this one on Lincoln Boulevard.

Additional Development by Hankey Capital
In a separate project, Hankey Capital submitted plans for another scaled-down apartment building at 2901 West Santa Monica Boulevard. The new proposal, an eight-story complex with 129 units, replaces an earlier vision for a 12-story high-rise with 190 apartments, also filed under the builder’s remedy law.

Hankey Capital's Growth and Legacy
Founded in 1982 by Don Hankey, Hankey Capital has amassed a significant real estate portfolio in Southern California. The firm owns over 1 million square feet of commercial property and 500,000 square feet of urban land, valued at more than $1 billion. Additionally, the company oversees loans exceeding $1.5 billion.

Remembering Neil Shekhter
Neil Shekhter, the Ukrainian-born founder of WS Communities and NMS Properties, passed away in November 2023 at the age of 60. While his family announced his death, no official record has been filed with the Los Angeles County Medical Examiner. His legacy remains tied to the numerous builder’s remedy projects now being realized by Hankey Capital and other lenders.