Tishman Speyer to begin construction in late 2022 on its first LA-area residential project
By Sam Catanzaro
An NYC-based developer has finalized its first LA-area acquisition, which will bring 620 apartments and 31,000 square feet of retail across eight new buildings in Downtown Santa Monica.
On January 3 Tishman Speyer, 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.
Tishman Speyer, a NYC-based developer with hundreds of properties across markets throughout the United States, Europe, Asia and Latin America, will develop 620 Class A apartments, 116 of which will be designated as affordable, as well as approximately 31,000 square feet of retail.
According to the company, with entitlements already in place, construction is expected to begin by late 2022, with the first buildings slated to be done by the end of 2024.
“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submarket features expensive prices for home-buyers, high barriers to entry for new multifamily development and outdated existing inventory.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 company said in a press release.
Since its inception in 1978, Tishman Speyer has acquired, developed, and operated 484 properties across 30 markets worldwide. Its current portfolio includes the Rockefeller Center in New York City, The Springs in Shanghai and TaunusTurm in Frankfurt. The Santa Monica Collection is the company’s first development in Los Angeles.
“The Santa Monica Collection project represents a rare opportunity to develop a critical mass of new housing in a market where demand is acute,” said Tishman Speyer President and CEO Rob Speyer. “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.”