Tishman Speyer buys largest entitled land in Santa Monica, Calif., history
Tishman Speyer has acquired The Santa Monica Collection, a stunning eight-site portfolio spanning 3.1 acres in the iconic city of Santa Monica, Calif.
Together, the portfolio transaction represents one of the largest entitled land sales on the West Coast and the largest in Santa Monica history, according to Walker & Dunlop, which facilitated the sale and financing for The Santa Monica Collection.
The seller was WS Communities.
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.
Santa Monica, the epicenter of "Silicon Beach," is one of the most desirable areas of Los Angeles, renowned for its globally recognized beaches and countless retailers, restaurants and nightlife options. The city also b