Why Ken Kahan is Glad to Develop in LA
LA-based California Landmark Group (CLG) has broken ground on 3838, a seven-story, 86-unit apartment project just steps from downtown Culver City. We caught up with founder Ken Kahan earlier this week to get more details on this project. Ken tells us the project is technically in LA—about 100 yards outside the Culver City limits, which he considers a good thing. “It’s much easier to get residential projects done in LA than in Culver City,” Ken says, noting most new residential projects built in Culver City—primarily townhouses—have less than 10 units.
While several larger, TOD projects are in the works around the Culver City Expo light-rail station, Ken notes only one large project has been completed in the city over the last five years. He says his firm’s business plan calls for projects to be close to food and retail, major employers and mass transit. This project, with a walk score of 94, will enjoy easy access to all retail amenities Culver City offers, he says, noting that the city has done an excellent job redeveloping its Downtown core (pictured).
CLG’s 3838 is a short walk to shopping, restaurants and entertainment and Sony Studios and Southern California Hospital at Culver City (formerly Brotman Medical Center), as well as less than a mile from Culver Studios, the Hayden Tract creative office complex and many other employers. Additionally, bus stops on both Washington and Venice boulevards are a short walk, and the new Metro Palms Expo Station (pictured) at Palms and National boulevards is just four blocks from 3838.
Designed by local architects Rios Clementi Hale Studios and PK Architecture, the ultra-modern project includes 86 apartments, seven of which are affordable units. Ken says while LA does not require affordable units, under a new state law developers can voluntarily include them in exchange for a density bonus. “Economically this (arrangement) works well, even though there’s no (government) help with costs,” he says, explaining that the extra units overcome the cost of the affordable component. The project is scheduled for completion in November 2017, and Ken expects rents will be between $3.50 and $4/SF.