Tishman Speyer Proposes 110-Unit Apartments on 5th

The eight-story project at 1338 5th Street would replace a parking lot and includes off-site affordable units.

Updated on Nov. 6, 2026 in Commercial

Photograph of a flat asphalt parking lot lined with young palm trees and a beige stucco mid-rise wall behind it in Santa Monica. — Tishman Speyer has proposed an eight-story, 110-unit market-rate apartment complex at 1338 5th Street in Santa Monica, replacing a parking lot. AI Illustration. Upload story photo >

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Tishman Speyer presented plans to the Santa Monica Architectural Review Board for an eight-story complex with 110 market-rate apartments at 1338 5th Street, a site currently used as a parking lot. The project uses density bonus incentives and includes no on-site affordable housing.

Why it matters

The proposal adds market-rate housing in Santa Monica while shifting the required affordable units to a separate site at 1323 5th Street. It is part of Tishman Speyer's broader portfolio of properties acquired from WS Communities.

The plan calls for studio, one-bedroom, and two-bedroom units in a building designed by Ottinger Architects. The 12 required affordable units will be built at 1323 5th Street rather than on the project site.

The players

Tishman Speyer

Tishman Speyer is a New York-based global real estate developer and owner with a long history of large commercial and residential projects.

Ottinger Architects

Ottinger Architects is a Los Angeles-area architecture firm designing the proposed building.

The details

The site at 1338 5th Street sits on the west side of the street, north of Santa Monica Boulevard. Tishman Speyer acquired the property in 2021 from WS Communities and has completed four of the eight projects it bought from that firm.

2021: Tishman Speyer acquires eight properties from WS Communities.
November 6, 2026: The project is presented to the Architectural Review Board.

Market Landscape

The project relies on Santa Monica's density bonus incentives, which allow added units in exchange for affordable housing elsewhere. Shifting the affordable units off-site is a pattern that lets developers consolidate required housing across several projects.

Santa Monica residents would see a new eight-story building replace a parking lot on 5th Street if approved. The 12 affordable units tied to the project will be built a block away at 1323 5th Street.

The takeaway

Projects that move affordable housing off-site show how density incentives can be paired with housing elsewhere in the city. Residents interested in local approvals can track Architectural Review Board agendas for updates.