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.