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May 19, 2022
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LOS ANGELES COUNTY NEWS
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Tishman Speyer Acquires Over Three Acres in Downtown Santa Monica for Development of Over 600 Res Units along with Retail Space

1/04/22

Tishman Speyer has completed the acquisition of the Santa Monica Collection, a portfolio consisting of eight development sites across nearly 3.1 acres in Downtown Santa Monica. The company plans to develop 620 Class A apartments, 116 of which will be designated as affordable, as well as approximately 31k sf of retail on the land.

With entitlements already in place, Phase One of project construction is expected to begin by late 2022, with the first buildings delivered by the end of 2024. The development sites are located at: 711 Colorado Ave; 1650 Lincoln Blvd; 1430 Lincoln Blvd; 501 Broadway; 1325 6th St; 1318 Lincoln Blvd; 1323 5th St; and 1338 5th St. They are all located in Downtown Santa Monica and are walking distance to an array of world-renowned restaurants, shops and nightlife options, as well as the Downtown Santa Monica light rail station.

1338 5th Ave, Santa Monica (Rendering: KFA)
1338 5th Ave, Santa Monica (Rendering: KFA)
The Tishman Speyer project will help address Santa Monica’s growing need for more modern, high-quality rental housing. The fundamentally supply-constrained submarket features expensive prices for home-buyers, high barriers to entry for new multifamily development and outdated existing inventory. At the same time, heavy demand comes from individuals and families seeking rental housing in an area offering an attractive outdoor lifestyle and proximity to innovation job centers. The project aims to address that demand, while further enhancing the community’s vibrant atmosphere.

“The Santa Monica Collection project represents a rare opportunity to develop a critical mass of new housing in a market where demand is acute,” Tishman Speyer President and CEO Rob Speyer said. “Over the past decade, we have created exciting new residential communities in major cities across the U.S., including New York City, Boston, San Francisco and Washington, DC, with additional projects planned or underway.”






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