August 9, 2022 #1 Local News, Forum, Information and Event Source for Venice Beach, California.

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submarket features expensive prices for home-buyers, high barriers to entry for new multifamily development and outdated existing inventory.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

LAPD Awaits Blood Tests Results on Anne Heche Following Mar Vista Crash That Destroyed Home

August 8, 2022

August 8, 2022

Walgrove Avenue home goes up flames after Friday crash By Sam Catanzaro The Los Angeles Police Department (LAPD) is awaiting...

City Council Sends Initiative to Ballot That Would Require Hotels to House Homeless in Empty Rooms

August 8, 2022

August 8, 2022

LA City Council unanimously approves measure for November ballot By Dolores Quintana Los Angeles City Council last week voted to...

‘Superpedestrian’ Introduces New Seated E-Scooter Option: YO! Venice Show – August 8th, 2022

August 8, 2022

August 8, 2022

Local news and culture in under 5 minutes.* Police Search For Robbery Suspect On Lincoln Ave And Vernon Ave * ‘Superpedestrian’...

Brentwood-Adjacent Residential High-Rise Complete

August 8, 2022

August 8, 2022

The first high-rise residential development built west of the 405 in over 40 years is now leasing luxury apartments. Learn...

Culver City Wende Museum Breaks Ground on Community Center With Affordable Housing

August 6, 2022

August 6, 2022

7,022 square foot community center will include six low-income dwelling units, reconfigured community garden and multi-use space By Dolores Quintana...

Updating Marina del Rey’s Vision Statement?

August 5, 2022

August 5, 2022

By Dolores Quintana Marina Del Rey is now considered part of District Two in Los Angeles County and now falls...

Venice Boulevard Mixed-use Development Nearly Complete

August 5, 2022

August 5, 2022

10412 Venice Boulevard, 72-unit development will feature 1,000 square feet of retail space By Dolores Quintana The mixed-use development at...

LA BOARD OF SUPERVISORS “RIGGING DEMOCRACY” TO UNDERMINE THE DIRECT ELECTION OF THE SHERIFF THIS NOVEMBER!

August 5, 2022

August 5, 2022

4-1 VOTE BY FIVE LUNA BACKERS TO DISLODGE THE INTEGRITY OF THE COUNTY CHARTER FLIES IN THE FACE OF OPEN...

LA City Council Votes to Ban Homeless Encampment Within 500 Feet of Schools

August 4, 2022

August 4, 2022

Final vote expected next week By Dolores Quintana and Sam Catanzaro Los Angeles City Council this week took steps to...

Coming Soon: Third Annual Century City ‘Rock & Roll Casino Night’

August 4, 2022

August 4, 2022

Proceeds from the August 25 event support Chamber programs and services for the business community  By Susan Payne  The Century...

Nate ‘n Al’s Deli Reopens Renovated Indoor Dining Area

August 4, 2022

August 4, 2022

Longtime deli reopens indoor dining for first time since pandemic  By Dolores Quintana The iconic Nate ‘n Al’s Deli has...

NYC-Based Superfood Smoothie Restaurant Opens on Abbot Kinney

August 3, 2022

August 3, 2022

Loco Coco now open at 1202 Abbot Kinney Loco Coco, the vegan, superfood-based bowl and smoothie restaurant founded in 2017...

Los Angeles Votes to Amend Charter In Favor of LA City-Based Businesses

August 2, 2022

August 2, 2022

Measure BB will allow LA to implement an additional contracting bid preference for businesses that are located in the city...

Final Vote Set for Ban on Homeless Encampments Near Schools

August 2, 2022

August 2, 2022

LA City Council to vote on bill that would ban homeless encampments within 500 feet of schools and daycare centers...