New Downtown Santa Monica Housing Projects Move Forward
The proposed developments add 145 residential units to the city, including 35 dedicated affordable homes.
Updated on Oct. 30, 2026 in Commercial
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Tishman Speyer has unveiled architectural renderings for two new housing developments in Downtown Santa Monica. The projects include a market-rate building and a dedicated 100 percent affordable housing site.
Why it matters
These additions represent the latest progress in a large-scale development portfolio acquired by Tishman Speyer, directly impacting available housing supply in the downtown area. The 5th Street project specifically helps meet mandatory affordable housing requirements for the firm's broader local development efforts.
The proposed developments add 145 total residential units to the city, including a 35-unit, 100 percent affordable housing complex at 1323 5th Street. This site helps satisfy off-site affordable housing mandates for other projects within the developer's Santa Monica portfolio.
The players
Tishman Speyer
A major real estate developer and property manager that oversees residential and commercial building projects.
Ottinger Architects
An architecture firm specializing in the design of high-density urban residential buildings.
WS Communities
A local property entity that previously sold an eight-site portfolio to Tishman Speyer.
The details
The 1325 6th Street project is designed as an eight-story building featuring 110 apartments and 95 basement parking stalls. Simultaneously, the 1323 5th Street site will house 35 affordable units within a five-story structure. Both buildings were designed by Ottinger Architects and are currently undergoing the entitlement process.
Timeline
Tishman Speyer acquired the eight-property portfolio from WS Communities in 2021.
Project renderings were presented to the Santa Monica Architectural Review Board on October 30, 2026.
Money Landscape
These new designs follow the 2021 Tishman Speyer and WS Communities portfolio acquisition, which reshaped the development trajectory of downtown properties. The current submission continues the firm's progress through the local entitlement cycle for these sites.
These projects signal shifts in local rental supply as the developer moves through the permitting stages for its Downtown Santa Monica portfolio. Residents should track upcoming public hearings to understand potential neighborhood impacts and long-term changes to local housing availability.
The takeaway
The addition of 35 affordable units at 1323 5th Street underscores the role of off-site mandates in shaping residential development in the city. Investors and residents should monitor future planning board meeting agendas to track progress on these and remaining properties in the portfolio.
Further reading
For broader trends in regional development, see our coverage of Commercial real estate.
Source note: This article includes information reported by Urbanize LA.
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