Santa Monica

The Planning Commission approved its first conversion of an apartment complex into a limited-equity cooperative Monday. The 62-unit apartments at 1959 Cloverfield Blvd. will become a nonprofit corporation supported by residents’ membership fees. Members who sell their shares may realize only a 10% profit.

The commission also denied a four-lot subdivision at 128-136 Georgina Ave. Alex Mlikotin of Solar Systems Inc., wanted to merge two residential lots to create four parcels. In denying the project, the commission said the proposed lots were smaller than those in the area and would reduce property values in the neighborhood.