Tishman Speyer's Quest for Time on a Five-Story Mixed-Use Project Extension

New York-based developer Tishman Speyer, known for its swift entry into the Santa Monica apartment market, is facing a time crunch on one of its projects. The upcoming decision on November 15 by the Santa Monica Planning Commission revolves around a request for a two-year extension on approvals for a project located at 1318 Lincoln Boulevard, one of the eight properties acquired from WS Communities nearly two years ago.

Project Details and Entitlements

The entitlements, greenlit in February 2018, outline a five-story building encompassing 43 apartments, a 3,437 square feet ground-floor commercial space, and a subterranean parking garage with a capacity for 91 cars. KFA Architecture's design presents a contemporary low-rise structure, as captured in the approved renderings.

Unique Challenges and Easements

The primary reason for seeking an extension, as communicated by the applicant, lies in the distinctive development timelines required to honor obligations related to easements and Development Agreements. These were approved as part of a multi-parcel land swap between the City and the property owner. This swap was crucial for facilitating the development of Fire Station No. 1, and the subject property currently functions as a limited-term parking lot to fulfill offsite parking obligations for the project at 1430-1440 Lincoln Boulevard.

Parking Predicament and Market Conditions

Until the completion of the parking facilities at 1430 Lincoln (anticipated by the end of 2024), construction at 1318 Lincoln remains on hold. Tishman Speyer, citing market conditions, expresses its intention to postpone construction in the hope of favorable changes in economic conditions and interest rates. This unique circumstance reflects a broader trend impacting the project timeline.

Projects Forge Ahead Despite Challenges

While the 1318 Lincoln project faces delays, Tishman Speyer's other acquisitions in Santa Monica continue to progress. Work has commenced on an affordable senior housing complex at 711 Colorado Avenue, and another mixed-use project at 1650 Lincoln is also underway, as outlined in a letter sent to the city by the development firm.