NYC-Based Developer Finalizes Acquisition of Westside Residential Development Site

Tishman Speyer to begin construction in late 2022 on its first LA-area residential project

By Sam Catanzaro

An NYC-based developer has finalized its first LA-area acquisition, which will bring 620 apartments and 31,000 square feet of retail across eight new buildings on the Westside. 

On January 3 Tishman Speyer, announced it has completed the acquisition of the Santa Monica Collection, a portfolio consisting of eight development sites across nearly 3.1 acres in Downtown Santa Monica. 

Tishman Speyer, a NYC-based developer with hundreds of properties across markets throughout the United States, Europe, Asia and Latin America, will develop 620 Class A apartments, 116 of which will be designated as affordable, as well as approximately 31,000 square feet of retail.  

According to the company, with entitlements already in place, construction is expected to begin by late 2022, with the first buildings slated to be done by the end of 2024. 

“The Tishman Speyer project will help address Santa Monica’s growing need for more modern, high-quality rental housing. The fundamentally supply-constrained submarket features expensive prices for home-buyers, high barriers to entry for new multifamily development and outdated existing inventory.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, 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 across 30 markets worldwide. Its current portfolio includes the Rockefeller Center in New York City, 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 market where demand is acute,” said Tishman Speyer President and CEO Rob Speyer. “Over the past decade, we have created exciting new residential communities in major cities across the U.S., including New York City, Boston, San Francisco and Washington, DC, with additional projects planned or underway.  We’re excited to be able to establish a significant residential foothold in the Los Angeles market as well.”

Related Posts

Fantastic Fireworks Celebrations in Los Angeles for July 4th

June 24, 2024

June 24, 2024

Find the Best 4th of July Displays and Parades on This List Culver City Fireworks Show: The Exchange Club of...

Santa Monica CEO Convicted in Landmark Insider Trading Case

June 23, 2024

June 23, 2024

The Case Is Part of a Data-Driven Initiative by the Criminal Division’s Fraud Section A federal jury in Los Angeles...

Suspicious Fire Behind Venice AT&T Building Investigated by Authorities

June 23, 2024

June 23, 2024

Witnesses reported seeing a person start the fire, prompting an active investigation Authorities are investigating a fire in Venice that...

American Legion Post 283 Launches Initiative During July 4th Celebrations

June 23, 2024

June 23, 2024

It Seeks to Foster Camaraderie Between the Public and Military Members Through Events Highlighting Medal Recipients, U.S. Service Academies, and...

Sci Fi Museum’s Lease Gets Terminated at Former Sears Building

June 21, 2024

June 21, 2024

The News Comes as a Slew of Controversies Surround the Museum and Its Founder By Zach Armstrong Amid tumultuous setbacks and...

(Video) Sport Fishing and Whale Watching on the Pacific Offered by MDR Sportfishing

June 20, 2024

June 20, 2024

Located Out of Marina del Rey, More Information Can Be Found at mdrsf.com @palisadesnews Operating out of Marina del Rey,...

This Palisadian Will Be the Youngest Ever U.S. Olympian in Beach Volleyball

June 20, 2024

June 20, 2024

Miles Partain, 22, Is One of Several Olympians That Came Out of Pali High By Zach Armstrong Palisadian talent will...

Pride-Colored Towers Vandalized During Pride Month for Two Straight Years in Palisades

June 20, 2024

June 20, 2024

L.A. County Supervisor Lindsey Horvath Stated That the Graffiti Will Be Removed By Zach Armstrong For two consecutive years, pride-colored...

Woman Assaulted with Skateboard on Venice Boardwalk

June 20, 2024

June 20, 2024

The Victim Was Identified as a 40-Year-Old-Female By Zach Armstrong LAPD arrested a man who assaulted a woman with a skateboard...

Judge Blocks Barrington Plaza Evictions, Citing Legal Violations

June 20, 2024

June 20, 2024

Owner Douglas Emmett Inc. Sought to Evict Nearly 600 Tenants Last Year, Citing Safety Upgrades The eviction of hundreds of...

Brentwood, Palisades, West LA Libraries Closures for Juneteenth

June 18, 2024

June 18, 2024

Upcoming Program and Event Schedules for The Week  Brentwood Library Schedule: We are celebrating Juneteenth this Wednesday, June 19! The...

Yoga Gurus Sentenced for Defrauding Malibu Doctor

June 18, 2024

June 18, 2024

Dr. Sawusch Had a Successful Medical Practice in Pacific Palisades and Amassed Significant Wealth Through Investments A federal judge sentenced...

Texas Man Sentenced to 33 Months for Threatening U.S. Rep. Maxine Waters

June 18, 2024

June 18, 2024

Gaherty Targeted the Congresswoman With Racist and Violent Threats  A Texas man was sentenced to 33 months in federal prison...

Tech Entrepreneur and Developer Company Buy Promenade Shops for $103M: Report

June 18, 2024

June 18, 2024

Acquisitions Include 1202, 1222, 1225, 1232, 1339, and 1344 Third Street Promenade Federal Realty Investment Trust has sold eight parcels...

ATAM to Host Content Creation Camp for Kids

June 17, 2024

June 17, 2024

All Ages Welcome, Popular Among Ages 7-12, With Offerings for Ages 4.5 ATAM is hosting a Content Creation and Editing...