Here's an interesting small development, per the LA City Planning Department:

 138 Culver Blvd.; Westchester-Playa Del Rey

A mixed-use project containing 72 residential units, including 8 very low income units, above 15,000 sq. ft. of commercial space not to exceed more than 5,000 sq. ft. of restaurant uses. An off menu Density Bonus incentive to allow a height increase of 11 ft. above the permitted 45-ft. height limitation in height district

Sounds like they're shooting for 4-5 floors.  Here's the location:


I've spent a lot of time in Playa del Rey over the years and have found it to be a wonderful, quiet beachfront community (the type that delusional Santa Monica NIMBYs still think their city is).  Culver Blvd is very walkable in this part of town.  Plenty of excellent restaurants and bars.  Not sure how I feel about the island location in the middle of three streets, but this spot leaves you less than a five minute walk from the beach.  You just can't beat that.

Not going to sugarcoat it: this spot is a little isolated from...well pretty much everything.  But if you can't afford to buy in Playa del Rey, but love peace, quiet and water, this might be perfect for you.