The property is located on the 4000 block of Sepulveda Boulevard, at the southeast corner of Washington and Sepulveda, and is surrounded predominately by retail and commercial properties along Sepulveda and Washington. The auto dealership has closed and the northern portion of the property is now occupied by See's Candies, which is operating a holiday shop there through the end of the year.
Since Bomel has only recently acquired the property, it is too early to determine the specifics of the project or when construction might begin, Firtel says. Firtel tells GlobeSt.com that Bomel wants to work closely with the City of Culver City as well as the local residents to design a final site plan that addresses the needs of the residents, meets the desires of the city and maximizes usage of the property. "We have a great amount of flexibility, given the site's intangibles, and are confident we can design a project that serves as a catalyst for the entire area," Firtel adds.
Bomel saw enormous potential in the site because of its location, size and visibility. It has 400 feet of frontage along Sepulveda, 150 feet along Washington and a depth of between 150 and 300 feet.
"It is very difficult to assemble commercial parcels of this size and depth anywhere in Los Angeles, let alone at a major intersection that has freeway visibility," Firtel points out. Citing the long history of Culver City and the area surrounding the property, he says Bomel's goal as urban infill developers is to seamlessly integrate all of the elements of the site into a design that enhances the area.
Bomel, an urban infill specialist with a project portfolio valued at between $500 million and $600 million, acquired the property from the auto dealer in an off-market direct deal between buyer and seller. The company has on-going or recently completed projects of various types in Los Angeles, San Francisco, Hawaii, Las Vegas, Miami, New York and Israel. Its current focus is on retail and mixed-use urban infill projects predominately within key markets in the Western US.
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