Tishman Speyer Updates Housing Plans in Santa Monica

Tishman Speyer’s plans for two development sites in downtown Santa Monica have undergone a makeover.

The New York City-based firm has revealed revised proposals for property at 1323 and 1338 Fifth Street in the seaside enclave, Urbanize Los Angeles reported. Tishman Speyer acquired both properties in 2021 as part of a larger portfolio from WS Communities. Both sites are currently used as surface parking lots.

At 1338 Fifth Street, Tishman Speyer is planning an eight-story building with 110 units of market-rate housing above a three-level subterranean parking garage with space for 95 vehicles. The structure will consist of studio, one- and two-bedroom units. It’s a slight change from WS Communities’ approved plans for 120 apartments that would have largely been single-occupancy units.

Across the street at 1323 Fifth Street, Tishman Speyer is looking to construct a five-story building consisting entirely of affordable housing. The 35-unit property would satisfy the off-site affordable housing requirement for 1338 Fifth Street and two other developments at 1318 Lincoln Boulevard and 1325 Sixth Street in Santa Monica. Last summer, Santa Monica officials voted in favor of allowing developers to pursue off-site affordable housing rather than forcing the inclusion of affordable units in every multifamily project.

The four projects comprise Tishman Speyer’s Downtown Santa Monica portfolio, according to Urbanize. The developer is either already finished or is nearing completion on four other multifamily buildings on Lincoln Boulevard and Colorado Avenue. Tishman Speyer inked a deal for the eight fully entitled parcels in 2021 from WS Communities for nearly $150 million, The Real Deal previously reported.

The City of Santa Monica is on the hook to plan for 8,874 new housing units by 2029 as part of its housing element. Of those units, 69 percent of those have been set aside for rent at various affordable income levels.

— Chris Malone Méndez