Culver City Starts $200 Million Housing Project

Earth-moving equipment is currently grading the intersection of Jefferson and Sepulveda boulevards in Culver City. This work marks the start of construction for ElevenOneEleven, a complex valued at $200 million. The site is 3.5 acres in size and previously held a U.S. Post Office, a Coco’s restaurant, and a Valvoline auto repair shop.

Lincoln Property Co. of Dallas and McCourt Partners of New York are developing the project. The complex will feature 344 apartments situated above street-level retail spaces. Two public parks are also part of the design. The developers aim to have the property open to residents by late 2028.

The project is expected to house up to 500 people upon completion. Fifty-two of the units will have subsidized affordable rents. Developers anticipate that many future residents will work in the technology and entertainment sectors. These industries form a large part of the local economy in the city.

Culver City has set a goal to add 3,341 homes by 2029. Mayor Freddy Puza stated in March that officials are calling for more housing to meet this target. The city has a population of 40,000 and is known for its historical ties to the film industry. It now hosts major companies such as HBO, Amazon, and Apple.

Jordan Lang, president of McCourt Partners, noted that the city has changed from its entertainment roots. He described Culver City as a cool place where people want to live. Lang said he sees a market with a lot of room for growth.

Stephen Lindgren, who leads Lincoln’s Los Angeles office, said the city is severely under-housed despite a strong employment base. He explained that this condition made it easier to raise money for the development. The team secured nearly $133 million in construction financing from an Arkansas bank last month.

Lang said institutional capital likes Culver City. However, he acknowledged that there are intense headwinds in the housing market. He noted that while everyone says the area needs housing, providing it is difficult. Lenders and investors have been wary of Los Angeles projects due to changing rules and rising costs.

The project is located at 11111 Jefferson Blvd. The development adds to the city’s efforts to increase its housing stock. Construction is progressing on the site formerly occupied by commercial and government buildings.