Jerry Wise of Holliday Fenoglio says N&S obtained the construction financing from Builders Bank for the project at 838 19th Street. The development is under construction and is slated for completion at the end of 2003. Wise says the condominiums, a few minutes from the Santa Monica pier and close to Interstate 405, are expected to fetch between $800,000 and $950,000 each. The development is also close to Montana Avenue, which is a popular neighborhood shopping district.

Developers say they can build high-cost housing in Santa Monica because the beach community includes some of the most expensive housing in Los Angeles County, both in terms of single-family homes and apartments and condos. Apartment developments completed there in recent years, for example, in some cases command rents of several thousand dollars per month per unit.