The Culver City corridor is attracting tech firms like wildfire and they’re bringing multifamily investment with them.
Developer David Neman wants to build a six-story rental project at 10150 Venice Boulevard on the edge of Palms, a few blocks from downtown Culver City, according to city documents. The 80-unit project would replace a car wash on a half-acre he bought for $6.7 million in 2015.
Neman plans to set aside eight units for “extremely low income” households and utilize a 60 percent density bonus, a parking reduction to one space per unit, and other incentives through the city’s Transit-Oriented Communities program. The TOC program grants those incentives for projects that incorporate affordable units and are within a half-mile of a major transit station — in this case the Culver City station on the Metro’s Expo Line.
Neman is also active in Beverly Grove, where he’s working on a 54-unit project on San Vicente Boulevard. He also bought that property in 2015. He’s connected to Gold Textiles Inc., a textiles company located on E. 18th Street in Downtown.
Palms has seen a handful of multifamily projects in recent months. A few blocks away at 3664-3688 Overland Avenue, a group related to Oakmont Capital is planning a 187-unit project taking advantage of TOC bonuses. Further away from Culver City on Sepulveda Boulevard, a seven-story mixed-use building with 409 units is in the works.