[Editor’s Note: Nearly a dozen brokers accepted City Hall’s walk-through invitation this morning at the old Fire Station No. 3 property. Todd Tipton of the Community Development Dept. said that brokers have until April 29 to submit their proposals, and then the department’s recommended choice will be submitted to the City Council.]
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Days are numbered for building that formerly housed Fire Station No. 3, Sunkist Park. Photo, George Laase.
The City of Culver City this morning hosted its first on-site meeting with local real estate brokers to walk them through the abandoned Fire Station No. 3 property, at the corner of Segrell Way and Berryman Avenue, Sunkist Park. Brokers have been given the unique opportunity to bid for the right to assist the city in marketing its three side-by-side parcels for residential development.
The Front Page – Why didn’t the city go directly to a home developer instead of local brokers? Is it to locally humanize the process?
Todd Tipton, Economic Development Administrator, Community Development Dept. – I think the city is going to be best represented by having a broker with local experience. They are most in tune with the market and with the prices. They will be able to make a strategy to help us convey the property.
The Front Page – Won’t going through a middleman cut into the city’s profits?
Mr. Tipton – Depends on the kind of offer we receive. Someone may want to take the property as-is, which would be least disruptive to the neighborhood. Ultimately, though, this will be decided by the City Council.
The Front Page — How easy do you think it will be to get someone interested in this site?
Mike King, broker — There won’t be any trouble in getting interest in this site. I see three entities being involved: The city, the neighbors, and the person(s) who are ultimately going to decide what is built here. It is clear that there will have to be a meeting of the minds of these three. The challenge will be in making the connection between all of them.
The Front Page – The city has said that it would prefer having three single-family residences built here. Do you think that the city might have to change its mind to multi-family units to get the money it needs?
Mr. King – No, I don’t. Anybody living in Culver City knows a number of things are going on: Demand is huge. The inventory is unbelievably low, and interest rates are fantastic. Taking those together, I don’t think there will be any lack of desire to build three, very nice single-family homes here.
The Front Page – Why do you think the city didn’t go directly to a home developer?
Mr. King – One of the tenet for any public official is to do right by the taxpayers. Therefore, there is no question that 99.9 percent of the time, if you put out into the public arena – whatever the type of property – you will get the best results.
The Front Page – Do you think you will have trouble finding interest in these properties?
Michelle Walman, broker – No, I don’t think so. Not in this marketplace.
The Front Page – Why?
Ms. Walman – There isn’t much new construction, and there is very little open land available on the Westside, especially in Culver City. To find vacant lots is very rare.
The Front Page – Will it be a drawback living so near to the businesses along Sepulveda Boulevard?
Ms. Walman – We work with so many different people, so many nationalities. To have brand new construction, does it really matter today to be close to the city? The convenience of having all this right by you is a benefit. I feel the best candidate for this site is a builder who buys this property and builds three individual houses here.
Mr. Laase may be contacted at GMLaase@aol.com
