Nearly two years ago, New York-based developer Tishman Speyer swooped into the Santa Monica apartment market, acquiring eight properties with entitlements from WS Communities. But for at least one of those projects, they will require more time to complete the job.
On November 15, the Santa Monica Planning Commission will consider a request to provide a two-year extension to approvals granted for a project at 1318 Lincoln Boulevard. Entitlements granted in February 2018 permit the construction of a five-story building featuring 43 apartments atop 3,437 square feet of ground-floor commercial space and a 91-car subterranean parking garage.
KFA Architecture designed the approved concept, which is depicted in renderings as a contemporary low-rise structure.
"The applicant has indicated the primary need for the extension is the unique development timelines required to accommodate obligations of easements and Development Agreements approved as part of multi-parcel land swap between the City and the property owner to facilitate the development of Fire Station No. 1," explains a staff report to the Commission. "The subject property is operating as a limited-term parking lot to fulfill an agreement for offsite parking while the project at 1430-1440 Lincoln Boulevard is under construction. Until the parking facilities at 1430- 1440 Lincoln Boulevard are completed, they are being outsourced to the subject property preventing construction."
According to the report, the anticipated completion of the parking at 1430 Lincoln is expected by the end of 2024, which would allow construction to begin at 1318 Lincoln afterward.
However, it may be some time before shovels hit dirt; the long timeline for the project has been exacerbated by market conditions. Tishman Speyer has indicated that it intends to postpone construction in hope for changes to economic conditions and interest rates.
Nonetheless, other projects acquired by the development firm continue to proceed in Santa Monica. In addition to 1430 Lincoln, Tishman Speyer has commenced work on an affordable senior housing complex at 711 Colorado Avenue and mixed-use project at 1650 Lincoln, according to a letter sent to the city.
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- 1318 Lincoln Boulevard (Urbanize LA)