Oakmont Capital developing another resi complex near hot Culver City

The 119-unit project in Palms is a block from a larger construction started last year

TRD LOS ANGELES /
Mar.March 15, 2019 10:00 AM
The project site, looking toward Downtown Culver City (Credit: Google Maps)

Oakmont Capital is developing a 119-unit mixed-use project in Palms, about a block from a similar project he started last year.

The latest one, a seven-story development at 3565 Overland Avenue, would have 2,000 square feet of ground-floor retail space. It would also include 11 affordable units. The construction would cover six property parcels — an entire block — totaling about 29,500 square feet.

Simon Lazar, who runs Oakmont, is requesting density bonuses and other incentives as part of the Los Angeles’ Transit Oriented Communities program. It provides those incentives to market-rate developers include affordable units in their projects that are located near mass transit.

Oakmont took advantage of available TOC incentives with a 187-unit project a block south on Overland Avenue. They are about a mile from downtown Culver City, which is a hotbed of media and tech-related commercial and residential development.

In July, Oakmont Capital sold a 27-unit new construction building nearby on McLaughlin Avenue to Feit Electric Company for $9.5 million.

Oakmont only owns two of the six parcels it needs to develop the project. It has an option agreement with the Kossof Living Trust to buy two of the other parcels. The last two are owned by the Nickcevic Living Trust. The project site currently has low-density commercial buildings there.


Related Articles

arrow_forward_ios
Jefferson Creative Campus sells for $169M in Culver City (Credit: Newmark Knight Frank)

Lincoln, Clarion snap up Culver City office campus for $169M

A multifamily building could replace this auto body shop (Credit: Google Maps)

Bastion plans 139-unit project on doorstep of booming Culver City

Architect Simon Park and a rendering of the project (Credit: SSPSTUDIO ARCHITECTURE & URBAN DESIGN)

Boyle Heights slated for another mixed-use project

10301-10335 West Jefferson Boulevard and Jim Jacobsen Chairman, CEO at Redcar LTD (Credit: 42 Doors and LinkedIn)

Redcar pays $74M for Culver City office complex, eyes expansion

Monica Rodriguez orchestrated the nixing of a residential project set for the Verdugo Hills Golf Course (Credit: Google Maps, Wikipedia)

The threat of fire doomed this Tujunga resi project. Now the developer will sue

David Pressberg and 6000-6024 Buckingham Parkway (Credit: Google Maps)

R.W. Selby buys $33M Culver City rental in deal brokered by seller’s kin

6550 South Normandie Avenue (Credit: Google Maps)

Haroni Investments to turn parking lot into new apartments

Council President Herb Wesson and a rendering of District Square

City will draw up “anti-displacement zone” ordinance

arrow_forward_ios
Loading...