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

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
10610-10628 West Venice Boulevard (Google Maps)

109-unit apartment complex is proposed in Palms

109-unit apartment complex is proposed in Palms
Continuum CEO Mark Falcone and a rendering of the project (EYRC Architects via Urbanize)

Continuum Partners, Platinum Equities plan Arts District office tower

Continuum Partners, Platinum Equities plan Arts District office tower
Rendering of 577-unit District Square project in South L.A. (Los Angeles Department of City Planning, iStock)

Judge orders LA to reconsider Charles Co.’s District Square project

Judge orders LA to reconsider Charles Co.’s District Square project
Forme Development President Damon Chan and rendering of 550 Shatto Place (Forme, Gensler via Urbanize)

Going up: Koreatown tower project developers boost plans

Going up: Koreatown tower project developers boost plans
Herb Wesson (top) and Curren Price with a rendering of 3800 W 6th Street (Linkedin, Twitter, Large Arch)

LA officials backtrack on aid for Koreatown hotel project

LA officials backtrack on aid for Koreatown hotel project
Richard Llewellyn and Ron Galperin (City of LA, Wikimedia)

LA’s ballooning budget shortfall could require property selloff

LA’s ballooning budget shortfall could require property selloff
California Gov. Gavin Newsom (Credit: Justin Sullivan/Getty Images)

Newsom signs into law slate of tenant protection and housing measures

Newsom signs into law slate of tenant protection and housing measures
Michael Rosenfeld,,Simon Reuben and David Reuben, with a rendering of Century Plaza (Credit: Presley Ann/Getty Images, and Dave Benett/Getty Images)

Michael Rosenfeld’s Woodridge Capital lands $275M loan for Century Plaza

Michael Rosenfeld’s Woodridge Capital lands $275M loan for Century Plaza
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...