Tishman Speyer to Begin Construction in late 2022 on its First LA-Area Residential Project, Featuring 620 Apartments and 31,000 SF of Retail Across Eight New Buildings
Tishman Speyer, one of the world’s leading real estate developers and owners, today announced it 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, CA.
Tishman Speyer will develop 620 Class A apartments, 116 of which will be designated as affordable, as well as approximately 31,000 square feet of retail. 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 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.
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submarket features expensive prices for home-buyers, high barriers to entry for new multifamily development and outdated existing inventory.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. We’re excited to be able to establish a significant residential foothold in the Los Angeles market as well.”
Paul De Martini, Senior Managing Director for Tishman Speyer, added, “We were extremely pleased to find such a well-located collection of sites for our initial residential project in the Los Angeles market. The proximity of beautiful beaches and mountains, along with other aspects of the local lifestyle, make it one of the region’s most compelling places to live, work and visit.”
About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 30 key markets across the United States, Europe, Asia and Latin America. We develop, build and manage premier office, residential and retail spaces for industry-leading tenants, as well as state-of-the-art life science centers through our Breakthrough Properties venture. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO., and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 484 properties, totaling 219 million square feet, with a combined value of over $121 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
