The developer is swapping single-occupancy micro-units for a 110-unit market-rate building and a separate 100 percent affordable housing complex on 5th Street.
Tishman Speyer is shifting strategies for its Downtown Santa Monica development pipeline, ditching previously approved single-occupancy micro-units in favor of a mix of market-rate and off-site affordable housing complexes, as reported by Urbanize Los Angeles.
Newly launched project websites reveal revised proposals for neighboring parcels at 1323 and 1338 5th Street. Tishman Speyer originally acquired both sites in 2021 as part of a larger, multi-property portfolio acquisition from developer WS Communities.
Under the restructured blueprint, the developer has abandoned WS Communities’ approved plans for 1338 5th Street, which called for a 120-unit building primarily composed of single-occupancy micro-apartments. Instead, Tishman Speyer is proposing an eight-story complex featuring 110 market-rate apartments, ranging from studios to two-bedroom layouts, positioned over a three-level, 95-car underground parking garage.
To meet municipal inclusionary housing mandates for the 1338 5th Street property, as well as two of the developer’s other local pipelines at 1318 Lincoln Boulevard and 1325 6th Street, Tishman Speyer will consolidate its low-income requirements into a single, standalone development down the block.
Located at 1323 5th Street, the secondary project will rise as a five-story, 100 percent affordable housing building containing 35 residential units.
Ottinger Architects has been tapped to design both of the new 5th Street structures.
The four upcoming projects are designed to complete Tishman Speyer’s overarching residential footprint in Downtown Santa Monica. The New York-based firm has already completed, or is in the final stages of construction on, four separate apartment complexes clustered along Colorado Avenue and Lincoln Boulevard.
