Tishman Speyer Goes Full Bore on Santa Monica Collection

Tishman Speyer recently acquired Santa Monica Collection, a portfolio consisting of eight development sites across nearly 3.1 acres in downtown Santa Monica. The price was undisclosed.

Tishman Speyer will develop 620 class-A apartments, 116 of which will be designated as affordable, as well as approximately 31,000 square feet of retail. With entitlements already in place, phase one of project construction is expected to begin by late 2022, with the first buildings delivered by the end of 2024. The development sites are all located in downtown Santa Monica in walking distance to retail as well as the downtown Santa Monica light rail station.

The Tishman Speyer project will help address Santa Monica’s growing need for more high-quality rental housing. The fundamentally supply-constrained submarket rising home prices, high barriers to entry for new multifamily development and outdated existing inventory.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.

“The Santa Monica Collection project represents a rare opportunity to develop a critical mass of new housing in a market where demand is acute,” says Rob Speyer, Tishman Speyer president and CEO.