At the Sept. 28, 2026, meeting, the City Council and Culver City Public Finance Authority (CCPFA) Board unanimously approved a Purchase Option Agreement with CF CC Investor LLC, giving the CCPFA the exclusive right, but not the obligation, to purchase the property at 9050 Washington Blvd. during a defined option period.
The approximately six-acre property includes three office buildings totaling about 198,000 square feet and an underground parking garage. It is strategically located in Downtown, adjacent to the Culver City Steps and other key locations. The agreement identifies a potential purchase price of $103 million, subject to due diligence and an independent appraisal confirming that the purchase price does not exceed fair market value.
The CCPFA authorized $375,000 in non-refundable earnest money and up to $500,000 for independent consultant due diligence reports and analysis, including property condition assessments, environmental and structural reviews, title and legal analysis, appraisal and financing review, parking and traffic analysis, economic feasibility studies, and community engagement. These costs will be paid from the Culver City Public Finance Authority budget and not from the City’s General Fund.
The agreement gives CCPFA until February 28, 2027, with limited extension options, to determine whether to move forward with a purchase. Approval of the option agreement does not approve the purchase of the property, a specific development project, or a development partner. Staff will return to the City Council and Public Finance Authority Board with findings and any recommendation to proceed.
The property is being evaluated as part of a potential long-term economic development opportunity that could support public parking, recreation, tourism, job creation, new and diversified revenue sources, and future affordable or workforce housing opportunities. Monday’s presentation as modified by City Council direction can be found on the City’s website.
City of Culver City
