The acquisition consists of eight development sites spread across nearly 3.1 acres in the desirable downtown Santa Monica area.
Tishman Speyer has plans for a project at the site with 620 apartment units and 31,000 square feet of retail. Of the 620 housing units, 116 will be designated as affordable units.
“The Santa Monica Collection project represents a rare opportunity to develop a critical mass of new housing in a market where demand is acute,” Rob Speyer, chief executive and president of Tishman Speyer, said in a statement. “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, D.C., 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.”
The company has already received entitlements for the development and plans to begin construction on the first phase of the project by the end of next year. The first buildings are expected to be delivered by the end of 2024.
The project is Tishman Speyer’s first residential project in L.A. where it already owns and runs office space and has an office in Santa Monica.
“We were extremely pleased to find such a well-located collection of sites for our initial residential project in the Los Angeles market,” Paul DeMartini, senior managing director for Tishman Speyer, said in a statement. “The proximity of beautiful beaches and mountains, along with other aspects of the local lifestyle, make it one of the region’s most compelling places to live, work and visit.”
On its website, Tishman Speyer lists its L.A. properties as Brickyard in Playa Vista, a roughly 425,000-square-foot campus 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 completed in 2015; a 14-story commercial building at 6430 Sunset Blvd. in Hollywood; a nearly 175,00-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.