Big Mixed-Use Development in Culver City Would Add More Office Space
The John Buck Company and 3MR Capital want to replace a post office and a restaurant with 106,000 square feet of commercial space and more than 250 apartment units
A joint venture group is planning to a mixed-use redevelopment with more office space in Culver City, where the market has expanded by leaps and bounds the past couple years.
The project, called 11111 Jefferson, will be developed by 3MR Capital and The John Buck Company, Urbanize first reported.
The initial concept involves a five-story development containing 279 apartment units — some of which would be designated as affordable — with 55,000 square feet of retail on the ground floor and 51,000 square feet of office space on the second floor. However, those details could change as the developers gather feedback from the community.
The triangle-shaped site spans 3.4 acres, and it is bounded by Sepulveda and Jefferson Boulevards and Machado Road. It’s currently occupied by a post office, Coco’s Restaurant and Valvoline, all of which would be demolished if the plan is approved. The total square footage for the new development will be determined in the next couple months when the plan is submitted to the city.
Eric Shabsis, a representative for the developers, told Commercial Observer that plans are “very preliminary,” and that the partnership “is committed to engaging the community as it goes through the entitlement process.”
Big-name tech, media, entertainment firms have swarmed Culver City’s office space recently, led by HBO, Amazon and Apple. The surge in activity has driven up asking prices and decreased vacancy, but more space is on the way with projects like the (W)rapper creative office tower under construction on Jefferson Boulevard.
The office market in Culver City has also attracted new retail and restaurants to the area, and now also new residential activity like the plans for 11111 Jefferson, which is about a mile from Fox Hills and Westfield Culver City, off the 405 Freeway.
Another example came late last month, when an entity tied to Jones & Jones Management Group purchased a 71-unit multifamily property in the heart of the Fox Hills for $22 million, according to media reports. The property is around the block from another office campus called Bristol 61, which was recently renovated sold for $39.2 million in February.