Hackman Takes Parcel B Over from Hudson Pacific – Closing Culver Studios? Redesigning Culver Steps?

showimageA longstanding proposal to transform a site in the heart of Downtown Culver City is moving forward, but under new management. How much change will be happen to the development currently scheduled is unknown.

Plans have been in the works for over five years to turn a city parking lot near the Culver Hotel, known as Parcel B, into a 110,000-square-foot office and retail complex. Last week, a new developer stepped in to complete the job. According to The Real Deal, Hackman Capital Partners bought the development rights to Parcel B.

Hackman is taking over from the previous developers, Hudson Pacific Properties and Combined Properties, which, in 2011, were tapped by Culver City’s City Council to develop the parcel at 9300 Culver Boulevard. Hudson and Combined’s redevelopment plan was for a project called Culver Steps, (see artist’s illustration above) which called for 45,000 square feet of retail, 65,000 square feet of offices, underground parking, and a 10,000 square foot public plaza for concerts, farmer’s markets, and outdoor movies.

It’s unclear how much will change in the transition.

One interesting wrinkle that Hackman’s involvement brings to the project is that Parcel B happens to sit right across the street from another high profile Hackman acquisition, Culver Studios. Hackman purchased the studio in 2014 for about $80 million. Reports at the time said once the studio’s current leases were up, it would be “shuttered for good.”

In November, Hackman announced it had acquired a two-story, 74,000-square-foot building at 5500 West Jefferson Boulevard, which it plans to turn into creative offices, saying:

Hackman Capital is no stranger to the area’s revitalization. Through its affiliates, the real estate investment and operating company has already converted seven industrial warehouses in Culver City to creative-office campuses, now home to Westwood One Studios and Apple Computer’s Beats by Dre headquarters. In 2014, Hackman Capital also acquired The Culver Studios, the iconic movie studio sitting on 14.3 acres in city’s coveted downtown.
New renderings for Parcel B weren’t released, but, as The Real Deal notes, the city’s website says it’s collaborating with Hackman for work to begin in 2017.

LACurbed

 

 

www.culvercitysymphony.org

2 Comments

  1. SERIOUSLY? The traffic nightmare that seems to have increased exponentially (particularly at rush hour) in the Culver/Washington/Venice area by Trader Joes makes me wonder – every day – why so many new condos and businesses were permitted. If the Expo station and public transportation are being touted as justification, it isn’t working. The lot at the Expo station is usually completely full by mid morning, and there are no viable alternatives, what with restricted parking or fees in nearby lots. The commute to Hollywood at 6pm has gone from 35 minutes to 75 minutes, mainly because it’s impossible to get through Culver City.

    I feel that it is a direct hit on our quality of life to shove more … and more … and more buildings and people into Culver City in the name of “revitalization.” I can only surmise that more revenue is generated (why else?) – but it isn’t worth it for residents or visitors who have to deal with it. Between the traffic and the red light cameras I have friends who now ask to meet elsewhere.

    I have lived in Culver City for 22 years, raised my kids here, and have enjoyed seeing improvements over the years. In this case, “more” is not “better.” The added traffic and resulting stress levels are taking their toll. Enough!

  2. Culver City downtown is a driving nightmare during peak traffic hours. The bottleneck is the intersection of the Culver / Washington / Venice transition. I don’t know what kind of development would be suitable for this space, but adding approximately 110,000 sq. ft. office & retail complex will just make traffic worse in that area. I speculate that when the original plan was envisioned, the new businesses that have opened up in that area in the past couple of years contributing to the increased congestion was underestimated. As our city leaders and fellow Culver City residents who no doubt have personally experienced the traffic jams in Culver City, I hope they proceed cautiously in allowing this development. The already congested area may benefit from increased revenue from more retail and commercial space with this project, but how often have we not thought to ourselves, that we would rather have a meal or shop elsewhere to avoid traffic or parking shortages? Culver City downtown area is at the precipice of overdeveloping to the point that our local streets and public parking can’t accommodate the increased traffic of people from all the new housing and businesses that have sprouted in recent years. At some point, the increased traffic and congestion from overdevelopment in the corridor of Culver / Washington / Venice, will impair the quality of life that has made Culver City an attractive community to live.

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