Tishman Speyer was joined on Monday by Santa Monica Mayor Gleam Davis and its project partners to celebrate the start of construction on the first phase of the Santa Monica Collection, its portfolio of eight development sites across nearly 3.1 acres in Downtown Santa Monica, CA.
The first phase of development encompasses four residential buildings with 340 rental apartments and approximately 18,700 square feet of street-level retail. This initial round will include 83 affordable apartments, 56 of which will be housed within a 100 percent affordable senior living building at 711 Colorado Avenue. 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.
“Building affordable housing for seniors allows our older residents to age in place with dignity and a higher quality of life. Because it is so walkable and has so many amenities close by, Downtown Santa Monica is the perfect place to build this type of housing,” said Mayor Davis. “I am particularly proud that Tishman Speyer is partnering with Wise & Healthy Aging to support the residents of the project. This type of collaboration between the preeminent local agency serving seniors and a developer is a model for all senior housing projects.”
“WISE & Healthy Aging is pleased to partner with Tishman Speyer to support efforts to create more affordable and accessible senior housing that is so desperately needed in Santa Monica,” said Molly Davies, President and CEO, WISE & Healthy Aging. “Additionally, WISE & Healthy Aging is thrilled to be provided a two-bedroom unit to create the first elder abuse shelter in Los Angeles.”
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 percent of the total equity in the project.
The balance of The Santa Monica Collection consists of 277 rental apartments, 12 percent of which will be affordable units, and 12,760 square feet of retail across four additional buildings. Tishman Speyer expects to commence construction on those buildings in 2024 with completions anticipated throughout 2026.
About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 33 key markets across the United States, Europe, Asia and Latin America. Our portfolio spans market rate and affordable residential communities, premier office properties and retail spaces, industrial facilities, and mixed-use campuses. We create state-of-the-art life science centers through our Breakthrough Properties joint venture, and foster innovation through our strategic proptech investments. 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 522 properties, totaling 218 million square feet, with a combined value of over $129 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.
