John Buck 3MR Capital, land $34M loan in Culver City
JV developing $210M mixed-use project on Jefferson
The John Buck Company’s first project in the Los Angeles area is one step closer to realization after the firm scored.
The Los Angeles Business Journal reported the Chicago-based developer and joint-venture partner 3MR Capital in El Segundo received a $34.1 million loan from Thorofare Capital. It is earmarked for a $210 million mixed-use project at 11111 Jefferson in Culver City,
“The sponsors are experienced owners, operators and developers who’ve conceived 11111 Jefferson as a cornerstone project that will transform a triangular site and significantly contribute to the evolving landscape in Culver City,” said Thorofore chief executive Kevin Miller.
According to the Business Journal, the 3.4-acre development site currently has a Coco’s restaurant, a post office and an auto repair garage. The site has been entitled for a five-story building, though, and the property would be torn down to make way for the development.
The development is slated to include up to 230 apartments units, including 19 set aside for tenants with very low incomes, according to Urbanize. There will be 55,000 square feet of retail space on the ground floor and 11,000 square feet of office space above that.
Other features of the development include a 30,000-square-foot public park on Machado Road, a 13,000-square-foot courtyard and parking for more than 650 vehicles.
Urbanize reported that the project has been scaled back since it was first announced in 2019. Original plans called for 279 housing units and 51,000 square feet of office space.
Construction on the project is expected to begin during the second quarter of 2022, according to a schedule shared with the Culver City Planning Commission. It is expected to wrap by the third quarter of 2024.
The development at 11111 Jefferson is part of a changing landscape in Culver City, an independent municipality surrounded by L.A.’s Westside. Earlier this year, the Culver City Council granted approval to Sandstone Properties for a 175-room hotel down the road at 11469 Jefferson Boulevard. Construction on that project is also expected to wrap in 2024.
[LABJ] — Holden Walter-Warner