A recent groundbreaking ceremony held by developer Tishman Speyer marks the start of construction for a new senior affordable housing complex just east of the E Line's terminus in Downtown Santa Monica.
The project, which will rise from a long-vacant site at 711 Colorado Avenue, will consist of a new seven-story building featuring 57 apartments - including 56 deed restricted senior affordable units - atop approximately 1,848 square feet of ground-floor retail space. The development would include a mix of studio, one-, and two-bedroom dwellings, but no automobile parking.
KFA Architecture is designing the proposed podium-type building, which would be similar in scale to adjacent projects that are planned or already under construction.
711 Colorado AvenueCity of Santa Monica
The 711 Colorado site was one of eight entitled properties in the Downtown Santa Monica area acquired just over one year ago by Tishman Speyer, which paid $150-million to purchase developments from WS Communities. The transaction also included properties at 1318 Lincoln Boulevard, 1430 Lincoln Boulevard, 1650 Lincoln Boulevard, 501 Broadway, 1313 6th Street, 1323 5th Street and 1338 5th Street.
The affordable project at 711 Colorado is being built to satisfy the off-site affordable housing requirements of two of those market-rate developments - 1313 6th Street and 1430 Lincoln Boulevard.
WS Communities, the seller, also owns an adjacent property Colorado's intersection with Lincoln Boulevard, where a 100-unit apartment complex is now under construction.
Tishman Speyer, outside of its Santa Monica investments, also has plans for new offices in Downtown Los Angeles and recently acquired property in Baldwin Hills.
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- 711 Colorado Boulevard (Urbanize LA)
Looking for affordable housing? Visit lahousing.lacity.org/aahr and housing.lacounty.gov
