The City Council unanimously approved an amendment to a development agreement relating to a commercial project on the corner of Washington Boulevard and Centinela Avenue. The project, dating back to 2018, was originally set to develop an artisanal market hall with food vendors and restaurants located on two sites at the northern corners of Washington Boulevard and Centinela Avenue. The pandemic delayed and ultimately dashed the original plans of the Culver Public Market, LLC (Developer).
The amended Disposition and Development Agreement (DDA), which was approved Monday night, will modify the Project to remove the market hall component, maintain the artisanal food and restaurants component, and expand the public plaza amenities.
Site A is located on the northwest corner of Washington Boulevard and Centinela Avenue with a size of about 1.22 acres. Site B, on the northeast corner, is .45 acres. As of August 2024, the Developer estimates the total Project development costs at approximately $23.81 million. Construction of the Project is estimated to take no longer than 24 months and would commence within 30 days after the building permit is issued. The Developer is hoping to begin construction in the Summer of 2025 with completion in late 2026/early 2027.
To date, the City's Redevelopment Successor Agency and the City have committed nearly $17 Million into the Project, including land acquisition, parking structure set-aside funds, relocation, and legal/financial services. It is anticipated that the Project would generate approximately $159,800 in revenues to the City on an annual basis in the form of property tax, sales tax and business tax revenue. The revised project is estimated to generate approximately 120 temporary jobs and 101 permanent new jobs in the community. The DDA agreement is available for review on the City's website.
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