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

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

3301 South Canfield Avenue (Credit: Google Maps and iStock)

Oakmont Capital is building a mini multifamily empire in Palms

Homes in some parts of LA grew more than 60 percent over five years (Credit: iStock)

Up, up and away: Home prices soared 60% over 5 years in some parts of LA

Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

Blackwelder office campus and Kilroy CEO John Kilroy

Kilroy Realty will pay $185M for Culver City media-focused office campus: sources

5800 Green Valley Cir, Culver City (Credit: Google Maps)

Jones & Jones buy multifamily property in bustling Culver City

amitaur Constructs founders Laurie and Frederick Samitaur Smith and the development site (credit: Getty Images and Google Earth)

Developer behind (W)rapper Tower now planning a 22-story office tower in West Adams

Ron Galperin and an overview of LA (Credit: iStock)

LA owns thousands of properties, many of them vacant. LA’s controller has an idea to spur development