Parcel B and Centinela/Washington Properties Sold

Tasked with maintaining the city's vision for Parcel B (9300 Culver Blvd, above) and the Market Hall at Centinela & Washington in the wake of the state's elimination of redevelopment agencies, the Culver City Council voted on Monday to sell the properties to developers who have agreed to construct the already-vetted and -approved plans on each of the sites.

Parcel B

The City Council adopted a resolution approving a Disposition and Development Agreement with Combined Properties Inc. / Hudson Pacific Properties Inc. for Parcel B. Combined’s land payment is estimated to be approximately $4,022,400, reflecting credits and debits related to construction of expanded restrooms, building modifications in connection with public parking, etc. Combined Properties has agreed to build their proposed design, which included a "grand staircase" feature.

 

Market Hall at Centinela and Washington

The Culver City Council also approved a commitment letter to sell the property on the northwest corner of Centinela and Washington to LAB Holdings. LAB Holdings agreed to construct the Market Hall that the council approved on June 27, 2011 -- a 33,250-sq.-ft. Market Hall designed to house specialty retail, artisanal food vendors selling products such as cheeses, charcuterie, baked goods, confections, wine and locally grown produce.  Lab Holding also agreed to hire JRDV Architects, the firm that prepared the original conceptual plans and preliminary design studies.

The agreement includes a land offer of $1,278,950. LAB Holdings will also provide an additional $1,134,000, which will include $684,000 for offsite improvements including neighborhood traffic calming measures and $250,000 for aerial utility relocation related to the 217-space parking garage that the city will erect on the northeast corner of the intersection.

LAB Holdings (the acronym stands for "Little American Businesses") recent developed an "anti-mall" in Costa Mesa that is similar to the concept described for the Centinela & Washington site. You can see pictures of "The Lab" in Costa Mesa here.

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