Silicon Beach Continues Its Culver City Reach
There are several reasons why we will continue to see more technology based companies in Culver City; from proximity to Santa Monica, Venice and Downtown Los Angeles, says a source in this EXCLUSIVE commentary on the subject.
Los Angeles has a history of being home of creative thinkers. Locally based Paul Davidovac of Commercial Brokers International tells GlobeSt.com that as more technology companies pour into the area, it will mean more Initial Public Offerings rising and then branching off to create their individual success. In the exclusive commentary below, Davidovac says that as the tech takeover continues through Santa Monica and Venice; it has reached Culver City.
The views expressed below are Davidovac’s own.
There are several reasons why we will continue to see more technology based companies in Culver City; from proximity to Santa Monica, Venice and Downtown Los Angeles, to its growth potential and the city’s initiatives to make it more welcoming.
The extension of the Expo Line has already shown its impact on downtown Culver City. It has made the transit from Downtown to Culver City then to Santa Monica, a daily possibility. The tech hubs of Santa Monica and Venice can connect with Culver City and Downtown LA which is vital to Silicon Beach’s growth. It allows for these communities to easily communicate and commute to each other. This type of collaborative approach to work is what allowed for growth in Northern California Silicon Valley.
A cohesive approach to transportation to work has impacted how office spaces are structured. While creative office space with a feel that is more open and allows for collaborations, started within tech bubbles, now it’s desired by many other industries.
Culver City has several examples of creative office space. Like C3 also known as Culver City Creative that has already begun construction. As well as the revised proposed plan for The Entrada, which now includes a more green plan.
The Culver City submarket also allows greater opportunities for the startups or companies that want to get their square footage for a better price. With office space leases being lower per square-foot than both Santa Monica and Venice, many startups begin with one or a few people. Culver City gives new companies the room to expand while still saving money on typically one of their biggest expenses, real estate.
The money saved from real estate, can then be contributed to hiring the greatest talent. While Santa Monica and Venice does have the beach, Culver City has a vibrant and growing downtown. More and more you see development that is structured around creating communities with space for retail, living and entertainment.
An anticipated example is the Ivy Station by Lowe Enterprises which broke ground in February, and is scheduled for completion in 2019. The Ivy Station will be 500,000 square feet of high quality office, with apartments, a hotel, stores and restaurants.
There is also continued anticipation with Hackman Capital Partners acquiring development rights to Parcel B, where there is hope to turn a parking lot to 110,000 square-footage of retail and office.
As developers continue to add to the landscape, the Culver City Council also presented its Strategic Plan with goals to restore Ballona Creek, reduce traffic congestion and add to the “reputation as a city of kindness”. There is also proposed plans to add protected bike lanes to “get between these areas that are really close to each other, but not quite connected,” said Eric Bruines, Culver City Bicycle and Pedestrian Coordinator. This will increase Culver City’s Walk Score.
We will continue to see more value-add opportunities in Culver City. As many established arts and entertainment firms already call the city home, more technology companies will add to that list. There will be greater unperceived opportunities, marrying technology and creativity.