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The Real Deal Los Angeles

David Neman planning 80-unit resi project in Palms amid multifamily boomlet

Site is a few blocks from red-hot downtown Culver City
By Dennis Lynch | June 19, 2018 11:30AM

10150 W. Venice Boulevard in Palms

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.

The units will likely appeal to employees of the many tech and media firms that are descending on nearby Culver City, which include Amazon, Apple, and HBO.

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.