Tishman Speyer to begin construction at the end of 2022 on his first residential project in the Los Angeles area
By Sam Catanzaro
A New York-based developer has completed its first acquisition in the Los Angeles area, which will bring 620 apartments and 31,000 square feet of retail to eight new buildings in downtown Santa Monica.
On January 3, Tishman Speyer announced that it had completed the acquisition of the Santa Monica Collection, a portfolio of eight development sites on nearly 3.1 acres in downtown Santa Monica.
Tishman Speyer, a New York-based developer with hundreds of properties in the United States, Europe, Asia and Latin America markets, will develop 620 Class A apartments, of which 116 will be designated as affordable, as well. that approximately 31,000 square feet of retail.
According to the company, with rights already in place, construction is expected to begin by the end of 2022, with the first buildings due to be built by the end of 2024.
“The Tishman Speyer project will help meet Santa Monica’s growing need for more modern, high-quality rental housing. The fundamentally supply-constrained submarket presents high prices for home buyers, high barriers to entry for new multi-family developments, and obsolete existing inventory. At the same time, strong demand comes from individuals and families looking for rental accommodation in a district offering an attractive outdoor living environment and close to innovative employment centers. The project aims to meet this demand, while further enhancing the vibrant atmosphere of the community, ”the company said in a press release.
Since its inception in 1978, Tishman Speyer has acquired, developed and operated 484 properties in 30 markets around the world. Its current portfolio includes Rockefeller Center in New York, 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 high demand market,” said Rob Speyer, President and CEO of Tishman Speyer. “Over the past decade, we’ve created exciting new residential communities in major cities across the United States, including New York City, Boston, San Francisco, and Washington, DC, with additional projects planned or underway. We are delighted to be able to establish a significant residential position in the Los Angeles market as well. “