Construction has reached its highest point at 501 Broadway, where developer Tishman Speyer is building an eight-story, mixed-use complex that is set to deliver nearly 90 new apartments and more retail to Downtown Santa Monica.
The milestone marks visible progress in a project that has moved slowly through approvals and plan checks since 2020, while construction didn’t actually start until after March of last year. Located at the northeast corner of 5th Street and Broadway, the new structure now stands tall across from The Park Santa Monica, a 249-unit apartment building that opened several years ago and includes a Trader Joe’s on the ground floor.
Once completed, the 501 Broadway development will include 89 apartments over 7,260 square feet of ground-floor retail space, supported by a three-level underground garage offering 71 parking spaces and capacity for 163 bicycles. The unit mix includes 61 one-bedroom apartments, 19 two-bedroom layouts and 14 three-bedroom units. Of the total, 18 will be reserved as deed-restricted affordable housing, available to renters earning between 30 and 100 percent of the area median income.
KFA Architecture is serving as architect of record, taking over the build from original entitlement plans created by Michael W. Folonis Architects. Renderings show a contemporary white building with private amenities such as a central courtyard and rooftop deck, in addition to a ground-floor plaza designed to be accessible to the public.
The site is one of several now active in what has become a dense and ongoing redevelopment effort in Santa Monica’s downtown core. Known collectively as the Santa Monica Collection, Tishman Speyer’s portfolio covers more than three acres across eight sites and includes other major residential buildings at 1430 Lincoln Blvd, 711 Colorado Ave and 1650 Lincoln Blvd.
According to the developer, the first phase of the Santa Monica Collection will add more than 300 rental units and nearly 19,000 square feet of retail space. That includes 83 affordable apartments, 56 of which are expected to be completed later this year at 711 Colorado Ave, a fully affordable senior housing building.
The 501 Broadway site was previously a low-rise commercial structure and surface parking lot. Its redevelopment has been closely watched as part of the broader shift in downtown’s urban landscape.
In addition to housing, the ongoing construction boom aims to draw more residents and foot traffic back to the area, which has seen fluctuating levels of business activity in recent years. Completion of 501 Broadway is expected sometime in late 2025.
scott.snowden@smdp.com