The “Santa Monica Collection in Los Angeles” has its first phase launched by Tishman Speyer with the groundbreaking of a senior building. The collection will add 677 housing units over eight Downtown locations.
The project’s first phase consists of four buildings with 340 rental units, 83 of which are affordable. Additionally, about 18,700 square feet of street-level retail space. The senior facility at 711 Colorado Avenue, will house 56 of the affordable units. It is expected to be finished late next year.
The last three rental buildings in phase one will be finished by the end of 2025. The buildings are located at 1430 Lincoln Boulevard, 1650 Lincoln Boulevard, and 501 Broadway.
Subsequent phases of the Santa Monica Collection in Los Angeles
Another four buildings make up the second phase of the Santa Monica Collection development, which comprises 277 rental units, 13% of which are affordable, and 12,760 square feet of retail space. Construction on those structures is anticipated to start in 2024 and be finished in 2026, according to Tishman Speyer.
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To help the tenants of the all-affordable senior living building, Tishman Speyer has partnered with WISE & Healthy Aging. To establish the first elder abuse shelter in Los Angeles, a two-bedroom unit will be given to the non-profit organization based in Santa Monica.
The project, according to Paul DeMartini, Senior Managing Director of Tishman Speyer “will provide a sufficient number of high-quality new housing options. These will be offered to singles, couples, and families at various economic ranges.
More on the project
Further, Downtown Santa Monica in Los Angeles is one of the most desirable places in the area to live and work. This is due to its closeness to stunning beaches and mountains as well as its dynamic local culture.
The collaboration would “help initiatives to build more easily accessible and affordable senior housing. This is sorely needed in Santa Monica, said Molly Davies, president and CEO of WISE.
