Renderings show what the project could look like once completed in 2024. The start of construction is scheduled for the end of 2023.
New York-based firm Tishman Speyer has acquired the Santa Monica Collection for an undisclosed sum with plans for a large mixed-use project on the site.
The acquisition consists of eight development lots spread over nearly 3.1 acres in desirable downtown Santa Monica.
Tishman Speyer is planning a project with 620 residential units and 31,000 square meters of retail space on the site. Of the 620 residential units, 116 are designated as affordable units.
“The Santa Monica Collection project represents a rare opportunity to develop critical mass of new housing in a market of acute demand,” said Rob Speyer, CEO and president of Tishman Speyer, in a statement. “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 other planned or ongoing projects. We are pleased to be able to establish a significant foothold for residential real estate in the Los Angeles market as well.”
The Company has already received permits for the development and plans to begin construction of the first phase of the project by the end of next year. The first buildings are to be delivered by the end of 2024.
The project is Tishman Speyer’s first residential development in LA, where it already owns and operates office space and has an office in Santa Monica.
“We were delighted to find such a well-located collection of sites for our first residential project in the Los Angeles market,” said Paul DeMartini, senior managing director of Tishman Speyer, in a statement. “Proximity to beautiful beaches and mountains, as well as other aspects of the local lifestyle, make it one of the region’s most attractive places to live, work and visit.”
On its website, Tishman Speyer lists its LA properties as Brickyard in Playa Vista, a roughly 425,000-square-foot campus that was completed in 2016; the three-story Maple Plaza in Beverly Hills; 555 Aviation Blvd., a 260,000-square-foot creative office building in El Segundo; and the 17-story 10900 Wilshire Blvd. Office tower in Westwood. It also lists Collective at Playa Vista, a roughly 204,000-square-foot office campus that was completed in 2015; a 14-story commercial building at 6430 Sunset Blvd. in Hollywood; a nearly 175,000 square foot office building at 407 N. Maple Drive in Beverly Hills; the two-building Arboretum Courtyard in Santa Monica; and the three-story Beverly Place in Beverly Hills.
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