The World's Smallest Lofts

I’m a big fan of small houses. No McMansions for me. Check out developer Neil Shekhter’s new 165 unit apartment building in Santa Monica, Calif. The two story units total just 375 square feet. The first phase of the project opened in January and is more than two-thirds leased with rents starting at $1,000 a month.

The building is just a few blocks from Santa Monica College, which tells you part of the target customer. Kitchens, bath and living areas are on the first floor. The bedroom’s up above. “Despite their size, the units convey a spacious, private ambience, thanks to 17-foot ceilings and clerestory windows,” says architect Wade Killefer.

Shekhter, the developer, wants to take the concept to other parts of the country.

Before it's here, it's on the Bloomberg Terminal.