Sydney-based real estate company Lendlease paired with Australian superannuation fund Aware Super to purchase a lot at 3401 S. La Cienega Blvd., which lies at the intersection of La Cienega Boulevard and Jefferson Boulevard. The plans for this purchase are to build a $600 million, multi-use development on the 3.6 acre lot, which is currently home to an empty Public Storage facility.
The 500,000-square-foot mid-rise project will include 260 multifamily units, 250,000-square-feet of creative office space and ground floor retail.
The site’s previous use also allows for a potential in-place income stream during development planning, with 1,144 self-storage units, totaling 86,897 rentable square feet ready for use.
“Placemaking is at the heart of our business and we are bringing that mindset and capability to LA at this highly-desirable location, which boasts close proximity to entertainment and technology giants HBO, Apple, Amazon and Sony, as well as multimodal transportation options,” Lendlease Americas’ Arden Hearing tells Connect California, a commercial real estate publication.
“This is a phenomenal transit-oriented mixed-use site in the vibrant Culver City submarket, which is a ground zero for content creation as evidenced by Apple’s recent land purchases,” explained Kevin Shannon, a representative from Newmark Group, who was representing the seller of the property.
Lendlease aims to submit an application to the City of Los Angeles this year and plans to commence development in 2023, with completion slated for 2025.