Why Ken Kahan is Glad to Develop in LA

Photo credit: Bisnow

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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Los Angeles Newsletters
Related Stories

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Bringing Stability And Savings To CRE Insurance Through Working Layer

Developers Riding The Surf Park Wave With Resorts, Retail And Residences

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

Oyster Point's Second Phase Half-Leased As Kilroy Navigates Soft Lab Demand

Miami's Condo Craze Has Developers Spending Millions On Sales Galleries

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

Ryan Cos. Secures Permit For Austin's Sixth Street Redevelopment

Rapper Rick Ross Joins 670-Unit Miami Gardens Condo Project

Immigration Crackdowns Dealt LA Businesses A Multimillion‑Dollar Blow

How A New Financing Model Helps Spur More Mixed-Income Housing