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SOUTHERN CALIFORNIA NEWS
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Tishman Speyer Starts Work on Santa Monica Res Projects

3/02/23

Tishman Speyer has begun construction on the first phase of the Santa Monica Collection, a portfolio of eight development sites across nearly 3.1 acres in Downtown Santa Monica. The first phase of development encompasses four residential buildings with 340 rental apartments and approximately 18.7k sf of street-level retail.

1430 Lincoln Blvd (Image: Studio T-SQ)
1430 Lincoln Blvd (Image: Studio T-SQ)
This initial round will include 83 affordable apartments, 56 of which will be housed within a 100% affordable senior living building at 711 Colorado Ave. Designed by KFA, the all-affordable senior building will be completed in late 2024. The other three rental buildings – the KFA-designed 1650 Lincoln Boulevard and 501 Broadway and the Studio T-SQ-designed 1430 Lincoln Boulevard – will be completed throughout 2025.

“Downtown Santa Monica’s proximity to beautiful beaches and mountains, along with its vibrant local lifestyle, make it one of the region’s most attractive places to live and work,” said Tishman Speyer Senior Managing Director Paul DeMartini. “We are proud to partner with the local community on the Santa Monica Collection, which will deliver a critical mass of quality new housing options for individuals and families across a wide spectrum of income levels.”

On the all-affordable senior living building at 711 Colorado Avenue, Tishman Speyer is partnering with WISE & Healthy Aging, a local community-based, nonprofit organization that advances the dignity and quality of life of older adults through leadership, advocacy and high-quality, innovative services.

Tishman Speyer, which acquired the eight development sites in 2022, previously announced that Basis Investment Group, a certified minority and woman-owned commercial real estate investment manager, has committed 11% of the total equity in the project.

The balance of The Santa Monica Collection consists of 277 rental apartments, 12% of which will be affordable units, and 12.8k sf of retail across four additional buildings. Tishman Speyer expects to commence construction on those buildings in 2024 with completions anticipated throughout 2026.





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