Tishman Speyer will begin construction of its first residential project in the LA area in late 2022
By Sam Catanzaro
A NYC-based developer has completed its first LA-area acquisition that will add 620 apartments and 31,000 square feet of retail space in eight new buildings on the Westside.
On January 3, Tishman Speyer announced that it has completed the acquisition of the Santa Monica Collection, a portfolio consisting of eight development lots spread over nearly 3.1 acres in downtown Santa Monica.
Tishman Speyer, a NYC-based developer with hundreds of properties in markets across the United States, Europe, Asia and Latin America, will develop 620 Class A apartments, 116 of which are rated affordable, and approximately 31,000 square feet of which will be for sale.
According to the company, with claims already in place, construction is set to begin in late 2022, with the first buildings expected to be completed by the end of 2024.
“The Tishman Speyer project will help meet Santa Monica’s growing need for more modern, quality rental housing. The sub-market with a fundamentally limited supply has high prices for homebuyers, high barriers to entry for new apartment buildings and obsolete inventory. At the same time, there is strong demand from individuals and families seeking rental accommodation in an area that offers an attractive outdoor lifestyle and proximity to innovative employment offices. The project aims to meet this 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 in 30 markets worldwide. The current portfolio includes the Rockefeller Center in New York City, The Springs in Shanghai and the 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 homes in a market with acute demand,” said Rob Speyer, President and CEO of Tishman Speyer. “Over the past decade, we have created exciting new residential communities in major cities across the United States, including New York City, Boston, San Francisco and Washington, DC, with more projects planned or underway. We are pleased to be able to establish a significant foothold for residential real estate in the Los Angeles market as well.”
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