AMENDMENT TO DISPOSITION AND DEVELOPMENT AGREEMENT
This Amendment to Disposition and Development Agreement (this “ Amendment”) is entered into as of this 15th day of February, 2025 (the “Amendment Date”), by and between the SUCCESSOR AGENCY TO THE CULVER CITY REDEVELOPMENT AGENCY, a public entity existing under the laws of the State of California and successor -in-interest to the former Culver City Redevelopment Agency (the “ Successor Agency ”), and CULVER PUBLIC MARKET, LLC, a Delaware limited liability company (the “ Developer”). The Successor Agency and the Developer shall sometimes be referred to herein individually as a “ Party” and collectively as the “Parties”.
RECITALS
A. The Successor Agency and the Developer entered into that certain Disposition and Development Agreement dated as of October 8, 2018 (the “ Original DDA”), incorporated herein by this reference. Capitalized terms not otherwise defined herein shall bear the respective meanings set forth therefor in the Original DDA.
B. The City of Culver City, a municipal corporation ( the “City”), and the Developer entered into that certain Development and Construction Contract for Public Improvements, dated as of May 31, 2019 (the “ DCC”), pursuant to which the Developer was to construct a parking structure and related improvements upon real property owned by the City.
C. Pursuant to that certain Force Majeure Extension Agreement , dated as of July 8, 2022 (the “Original FM Extension Agreement ”), as amended by (i) that certain First Amendment to Force Majeure Extension Agreement , dated as of December 12, 2022 (the “First Amendment to FM Extension Agreement ”), (ii) that certain Second Amendment to Force Majeure Extension Agreement , dated as of June 9, 2023 ( the “Second Amendment to FM Extension Agreement ”), (iii) that certain Third Amendment to Force Majeure Extension Agreement, dated as of November 14, 2023 (the “ Third Amendment to FM Extension Agreement”), (iv) that certain Fourth Amendment to Force Majeure Extension Agreement, dated as of June 20, 2024 (the “ Fourth Amendment to FM Extension Agreement ”), and (v) that certain Fifth Amendment to Force Majeure Extension Agreement, dated as of September 20, 2024 (the “ Fifth Amendment to FM Extension Agreement ”), the Successor Agency, the Developer, and the City extended certain timeframes for performance under the Original DDA and the DCC and otherwise modified certain limited aspects of the Original DDA and the DCC as more particularly set forth therein. The Original FM Extension Agreement, as amended by the First Amendment to FM Extension Agreement, the Second Amendment to FM Extension Agreement, the Third Amendment to FM Extension Agreement, the Fourth Amendment to FM Extension Agreement, and the Fifth Amendment to FM Extension Agreement shall be referred to herein as the “ FM Extension Agreement ”. The Original DDA, as amended by the FM Extension Agreement, shall be referred to herein collectively as the “Existing DDA”.
D. The Parties desire to enter into this Amendment upon the terms and conditions set forth herein.
2 NOW THEREFORE , in consideration of the mutual obligations set forth herein , the Parties hereby covenant and agree as follows:
AGREEMENT
1. Recitals. The foregoing Recitals are true and correct and are a substantive part of this Amendment.
2. Definitions. The following terms shall have the meaning ascribed thereto in this Section 2 below. The below -defined terms and any other defined terms set forth in this Amendment shall amend and supersede any corresponding defined terms set forth in the Existing DDA.
a. “Parking Structure ” means a 2-level public parking structure on Site A -1 providing such number of parking spaces as is required under the Project Approvals for such parking structure. As of the Amendment Date, the Developer anticipates providing approximately 125 parking spaces in the Parking Structure, provided that nothing herein shall prohibit the Developer, in its sole discretion, from providing additional parking spaces within such parking structure beyond the minimum number required hereunder.
b. “Project” means a high quality, pedestrian -oriented development with iconic architecture, uniquely designed with public plazas, and surface parking, consistent with the Project Approvals. For the avoidance of doubt, the “Project” does not include the construction of the Parking Structure, which shall be governed by the DCC, as amended from time to time.
c. “Project Approvals” means the following (as the same may have been amended or in the future may be amended): (1) Comprehensive Plan, P2017 -0042-CP; (2) General Plan Map Amendment P2017 -0042-GPMA; (3) Zoning Code Map Amendment P2017 -0042-ZCMA; (4) Adoption of a Mitigated Negative Declaration and Mitigation Monitoring and Reporting Program; and (5) Tentative Parcel Map P2017 -0042-TPM, for a proposed planned development District No.
15. d. “Site A-1 Retail Condominium ” means that certain condominium parcel to be created by the Developer and the City within Site A-1, which shall be conveyed to the Developer as described in Section 320 of the Original DDA , and which shall include areas for tenant-occupied space, loading, storage, restrooms, and /or other uses desired by the Developer in connection with the Project.
e. All references in the Existing DDA or this Amendment to the “Parking Structure Agreement” shall mean and refer to the DCC, as amended from time to time.
3 f. In light of the fact that the Project shall no longer contain a “Market Hall” , all references in the Existing DDA, and all provisions of the Existing DDA relating to the design, construction, use, and/or operation of the “Market Hall” , shall be deemed deleted.
g. In light of the fact that the Project shall no longer contain a “M other’s Market”, all references in the Existing DDA, and all provisions of the Existing DDA relating to the design, lease, construction, use, and/or operation of the “ Mother’s Market”, shall be deemed deleted.
h. All references in the Existing DDA to the “Market Hall Tenants” are hereby deleted.
i. All references in the Existing DDA to the “List of Pre -Approved Tenants” are hereby deleted.
j. All references in the Existing DDA to “Qualified Tenant (s)” or “Qualifying Tenant(s)” are hereby deleted , except as expressly set forth in Section 3 of this Amendment.
k. All references in the Existing DDA or this Amendment to the “Site Map” shall mean and refer to the Site Map attached as Attachment No. 1 to this Amendment.
l. All references in the Existing DDA or this Amendment to the “Scope of Development” shall mean and refer to the Scope of Development attached as Attachment No. 3 to this Amendment.
m. All references in the Existing DDA or this Amendment to the “Schedule of Performance” shall mean and refer to the Schedule of Performance attached as Attachment No. 4 to this Amendment.
n. All references in the Existing DDA or this Amendment to the “ Developer’s Pro Forma” shall mean and refer to the Developer’s Pro Forma attached as Attachment No. 11 to this Amendment.
3. Project Tenants. Pursuant to Section 3.b of the Original FM Extension Agreement , certain aspects of Section 501.1 of the Original DDA were amended including, but not limited to , the following: (i) the premises in the Project located outside of the Market Hall were defined as the “ Non-Market Hall Premises”; and (ii) the “ Non-Market Hall Standard” was established for tenants and occupants of the Non -Market Hall Premises , unless otherwise approved by the Successor Agency, such approval not to be unreasonably withheld, conditioned, or delayed. In light of the fact that the Project is no longer intended to include a Market Hall, all premises within the Project shall be deemed to be Non -Market Hall Premises, and the provisions of Section 3.b of the Original FM
4 Extension Agreement shall otherwise remain applicable to the Project and shall establish the standard for the quality of tenants and occupants of the Project. Additionally, in light of the fact that the Project is no longer intended to include a Market Hall, Sections 501.1(a), (b), and (d) of the Original DDA are hereby deleted in their entirety, provided that the procedure for the Successor Agency to approve or disapprove of “Qualifying Tenants” for the Project set forth in Section 501.1(a)(iii) of the Original DDA shall be incorporated herein by this reference and shall be applicable to the Successor Agency’s approval or disapproval of proposed tenants or occupants of the Project as meeting or not meeting the Non -Market Hall Standard. Section 501.1(e) of the Original DDA shall be deleted in its entirety and replaced with the following; “ The Successor Agency shall have no responsibility or liability whatsoever in connection with the use and operation of the Project, including, without limitation, as a result of the requirements set forth in this Section 501.1 or otherwise, including, without limitation, any payments to any Project tenant or occupant for lease termination, including, without limitation, any payment for lost rent, replacement tenant improvements allowances, broker fees, or any other similar amounts.”
4. No Further Right of First Offer . Sections 601 and 602 of the Original DDA are hereby deleted in their entirety.
5. Exhibits. Attachment Nos. 1 (Site Map), 3 (Scope of Development), 4 (Schedule of Performance), and 11 (Developer’s Pro Forma) to the Original DDA are hereby deleted in their entirety and replaced with those attached to this Amendment. Attachment No. 12 to the Original DDA (List of Pre -Approved Tenants) is hereby deleted. Notwithstanding anything to the contrary set forth in the Existing DDA, prior to the commencement of construction of the Improvements, the Developer shall deliver to the Successor Agency the Assignment of Construction Contract in the form attached as Attachment No. 8 to the Original DDA and the Assignment of Plans, Reports and Data in the form attached as Attachment No. 9 to the Original DDA.
6. Plans for Project. The Successor Agency acknowledges that, consistent with the updated Site Map attached as Attachment No. 1 to this Amendment, the Developer shall be revising the Plans previously approved by the Successor Agency, and shall be submitting such revised Plans to the Successor Agency for review and approval pursuant to Section 400 of the Original DDA. Accordingly, at such time as such revised Plans are approved by the Successor Agency, such revised Plans shall become the “Plans” under the DDA and shall supersede all Plans previously approved by the Successor Agency, and Exhibit A, Exhibit A -1, and Exhibit A -2 to the Original FM Extension Agreement shall be deemed superseded in their entirety and of no further force or effect.
7. Schedule of Performance. Notwithstanding any dates set forth in Attachment No. 4 to the Original DDA or any extension of any such dates made pursuant to the FM Extension Agreement, the dates for Developer’s performance under the DDA including, without limitation, the dates for submission of the proposed Construction Contract, and the dates
5 for commencement and completion of construction of the Improvements, shall be governed by Attachment No. 4 to this Amendment. Due to significant prior Project delays (i.e., the Original DDA deadline for Project construction completion was July 24, 2021), the Parties hereby agree that neither Party shall hereinafter be entitled to any further Force Majeure delay due to the COVID -19 pandemic, and provided further that, with respect to any Force Majeure delay occurring from and after the date of this Amendment, the 18 -month and 24 -month limitations on the cumulative length of such delay set forth in Section 805 of the Original DDA shall apply.
8. Pre-Approved List of Project Design Consultants . In addition to those Project Design Consultants approved by the Successor Agency as set forth in Section 401.4 of the Original DDA, the Successor Agency hereby acknowledges that it has also preapproved the names and qualifications of the following firms or individuals as additional “Project Design Consultants”:
a. Architect: KTGY Group, Inc., Architects Orange, McG Architecture b. Structural Engineer: ANF & Associates, Coffman Engineers Inc. c. Signage Consultant: Architectural Design & Signs, Inc. (AD/S) - Milton Solomon, Southwest Sign Co, Paul Greenstein
d. Lighting Designer: The Lighting Design Alliance, Inc. (LDA), On Site Lighting & Survey, LLC
e. Parking Design Consultant: Choate Parking Consultants, Inc. (CPC) – J. Richard Choate, International Parking Design, Inc.
9. Construction Contract . Notwithstanding that the Schedule of Performance attached hereto provides a time period for the Successor Agency to approve the form of the Construction Contract, the Successor Agency hereby acknowledges that the Construction Contract and the General Contractor identified therein shall be deemed approved by the Successor Agency if , following the Successor Agency ’s objective review of the submitted Construction Contract , the Successor Agency determines that (i) the Construction Contract submitted by the Developer pursuant hereto is substantially in the form of that attached as Exhibit M to the DCC and previously approved by the Successor Agency, (ii) the General Contractor is the same as that set forth in such Exhibit M, and (iii) the Improvements to be constructed under the Construction Contract are the same as those for which the City’s building permit is issued.
10. Maintenance Plan . Pursuant to Section 502 of the Original DDA, prior to the Amendment Date, the Developer and the Successor Agency have agreed upon a revised maintenance plan for the portion of the Project located on the Site with regard to the Developer’s compliance with the Maintenance Standards.
11. Further Actions. The Parties shall take such actions and execute such documents as are reasonably necessary to effectuate the intent of this Amendment on behalf of the Parties .
Without limiting the foregoing, the Developer shall execute and deliver to the City the
6 Assignment of Construction Contract and the Assignment of Plans, Reports and Data (and cause any required third parties to execute the same) prior to Developer’s commencement of construction of the Improvements.
12. Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute but one and the same instrument.
13. Effect of Amendment. Except as otherwise expressly provided herein, the terms and conditions of the Existing DDA shall remain unmodified and in full force and effect.
[signatures begin on following page]
[remainder of page intentionally left blank]
7 IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first set forth above.
“SUCCESSOR AGENCY”
SUCCESSOR AGENCY TO THE CULVER CITY
REDEVELOPMENT AGENCY, a public entity
existing under the laws of the State of California
and successor-in-interest to the former Cu lver City
Redevelopment Agency
By: ____________________________________
John M. Nachbar
Executive Director
APPROVED AS TO FORM AND CONTENT:
By: ________________________________
KANE, BALLMER & BERKMAN
Successor Agency Special Counsel
[Signatures Continue on Following Page]
8 “DEVELOPER”
CULVER PUBLIC MARKET, LLC,
a Delaware limited liability company
By: Regency Centers, L.P.,
a Delaware limited partnership,
its Managing Member
By: Regency Centers Corporation,
a Florida corporation,
its General Partner
By: __________________________
John T. Mehigan
Senior Vice President,
Investments – CA
ATTACHMENT NO. 1
SITE MAP
[behind this page]
CENTINELA AVE
W WASHINGTON BLVD
Regency Centers
915 Wilshire Blvd, Suite 2200
Los Angeles, CA 90017 CULVER CITY, CA # 2023-0363
WASHINGTON BLVD & CENTINELA AVE
APRIL 16, 2024
CONCEPTU AL DESIGNArchitecture + Planning
949.851.2133
ktgy.com
CONCEPTU AL SITE PLAN 1
NOTE:
SITE PLAN HAS BEEN PREPARED WITHOUT THE
BENEFIT OF A SITE SURVEY. IT IS SUBJECT TO
CHANGE.
SCALE: 1/16” = 1’-0”
0 8 16 32
3 7
9 GROUND LEVEL
2 4
1 CURATED ARTISANAL EXPERIENCE AREA
EXCLUSIVE SEATING
COMMUNITY GARDEN
STAGE
SHADING DEVICE
PREFAB CONTAINERS
ROOF TOP GRAPHIC
-- NOT IN USE --
ROOF TOP PATIO
4 1
2 3
8 5
6 7
6 5
9 SITE SUMMARY
LAND AREA: ±57,638 SF (±1.3 AC)
BUILDING AREA: ±12,000 SF
PARKING PROVIDED:
1ST LEVEL: 44 STALLS
2ND LEVEL: 78 STALLS
TOTAL: 122 STALLS
A2A3A4A5A6 A1
65,000
CARS PER DAY @
INTERSECTION
LOADING & RIDESHARING
PARKING
- SITE A: 122 STALLS
- SITE B: 20 STALLS
Regency Centers
915 Wilshire Blvd, Suite 2200
Los Angeles, CA
90017
CUL
VER
CITY
, CA
# 2023-0363
WASHINGTON BLVD & CENTINELA
AVE
MAY 10, 2024
CONCEPTU
AL DESIGN
Architecture + Planning
949.851.2133
ktgy.com
CONCEPTU
AL SITE
PLAN
1 NOTE:
THIS
SITE PLAN
IS CONCEPTUAL
IN NATURE,
THEREFORE IT IS SUBJECT TO CHANGE.
SCALE: 1” = 10
0 5
10 20
SITE
B
SITE SUMMARY
LAND AREA:
±19,739 SF (±0.45 AC)
BUILDING AREA:
±3,570 SF
COVERAGE:
18.1%
PARKING PROVIDED:
20 STALLS
PARKING RATIO:
5.6/1000
0 ,73
B1
B2
ATTACHMENT NO. 3
SCOPE OF DEVELOPMENT
[behind this page]
ATTACHMENT NO. 3: SCOPE OF DEVELOPMENT
1. Project Improvements. The Developer shall construct a high quality, pedestrian-oriented, place-making retail development with an open floor plan and public plazas, with additional retail uses and surface parking, consistent with the Project Approvals. The Project will consist of approximately 13,500 square feet of ground level commercial retail uses across two (2) sites (Site A and Site B).
a. The Developer shall develop on Site A -1 Retail Condominium and Site A -2 approximately 10,000 square feet of usable floor area comprised of restaurant and food retail space (approximately 10, 000 square feet) on the ground floor. Additional floor area dedicated to auxiliary supporting uses such as restrooms, mechanical and electrical rooms, and storage shall be located at the rear of the building. Back-of-house features shall include a loading area, refuse storage room, building maintenance office, and bicycle lockers . An outdoor ground -level plaza with landscape and outdoor dining will be located on the ground floor along Washington Boulevard. A second level outdoor bar or dining terrace will be located above one of the restaurant suites on Site A if the Developer and the subject tenant so agree . Under separate contract, the Developer will construct a two-level public parking structure that shall provide approximately 125 public parking spaces to serve the project and local community. b. The Developer shall develop on Site B approximately 3,500 square feet of floor area for restaurant and food retail uses, outdoor dining space with landscape , and a twenty (20) stall surface parking lot.
2. Undergrounding Utilities. The Developer shall underground all aerial utilities on Site A necessary to construct the Project Improvements.
3. Public Improvements . The Developer shall complete certain public improvements as conditioned by the City to develop the Project Improvements. Such improvements are anticipated to consist of the following:
a. Curb and gutter improvement work;
b. Sidewalk improvements in accordance with the Culver City streetscape design standards;
c. Adjacent street resurfacing;
d. Upgrade and relocate as necessary three (3) existing bus stops fronting the project;
2 e. Restripe Washington Boulevard to provide a two -way left -turn lan e between Colonial Avenue and Chase Avenue and restripe Centinela Avenue from the Project’s main driveway to Washington Boulevard;
f. Place new street name signs for Kenyon Avenue and Colonial Avenue;
g. Replacing high-voltage streetlights with low-voltage streetlights; and
h. Traffic calming measures at Colonial Avenue.
4. Art in Public Places. Prior to the issuance of any permits, the Project will comply with the requirements of the Art in Public Places Ordinance, as specified in Chapter 15.06 of the Culver City Municipal Code (CCMC). The Developer may pay a fee or install public art created by a qualified artist. Public art must be approved by the Cultural Affairs Commission prior to installation. The Developer intends to commission an iconic mural on the Site A façade to fulfill the public art component.
ATTACHMENT NO. 4
SCHEDULE OF PERFORMANCE
[behind this page]
ATTACHMENT NO. 4
SCHEDULE OF PERFORMANCE
Task Deadline
1. Developer submits complete set of schematic
drawings for Project (§401.2)
60 Days after final approval of
Amendment
2. Developer submits complete set of design
development drawings for Project (§402.1)
60 Days after Successor
Agency approves Developer’s
schematic drawings
3. Developer submits complete set of building
construction drawings for Project (§402.1)
90 Days after Successor
Agency approves Developer’s
design development drawings
4. Developer delivers draft fixed price or guaranteed
maximum cost Construction Contract(s) (§407)
60 days after Developer
receives initial comments to
building construction drawings
from Culver City Department
of Building Safety
5. Developer delivers fixed price or guaranteed
maximum cost Construction Contract(s) (§407)
15 Days after Building Permit
ready to be issued
6. Successor Agency approves or disapproves draft
Construction Contract (§407)
20 Days after Developer
submits draft Construction
Contract
7. Developer commences construction of Improvements
(§404)
The later of (i) 30 Days after
Building Permit ready to be
issued, or (ii) 10 days after
Successor Agency approval of
Construction Contract
8. Developer substantially completes all construction of Improvements (§404)
24 months after Construction
Commencement
ATTACHMENT NO. 11
DEVELOPER’S PRO FORMA
[behind this page]
Culver Public Market NOI $1,089,749
Culver City, CA GLA 13,500 NOI Yield 4.58%
Executive Summary
Costs Summary Amount $/SF GLA % of TPC
Land Costs
Land and Closing Costs $1,285,384 $95 5.4%
Total Land Costs $1,285,384 $95 5.4%
Hard Costs
Sitework $4,272,812 $317 17.9%
Sitework Reimbursements 0 $0 0.0%
Total Site Costs $4,272,812 $317 17.9%
Parking Structure Costs $6,720,000 $498 28.2%
Parking Structure Reimbursement (6,720,000) ($498) -28.2% Total Parking Structure Costs $0 $0 0.0%
Building Costs $4,780,000 $354 20.1% Total Project Cost $23,811,711 Building Reimbursements 0 $0 0.0% Stabilized NOI (2027) (>95% Occ. & Rent) $1,089,749 Total Building Costs $4,780,000 $354 20.1% Project Stabilized ROIC / Developer's Yield 4.58% Tenant Improvements $1,457,500 $108 6.1%
Contingency - Hard Costs 7.9% 834,773 $62 3.5%
Total Hard Costs $11,345,085 $840 47.6%
Soft Costs
Architecture & Engineering $919,588 $68 3.9%
Testing and Inspection 130,000 $10 0.5%
Permits / Remediation 833,209 $62 3.5%
Consulting Fees 20,000 $1 0.1%
Miscellaneous 240,836 $18 1.0%
Legal Fees 25,000 $2 0.1%
Lease Commissions 594,917 $44 2.5%
Contingency - Soft Costs 10.0% 216,863 $16 0.9%
Development Overhead 3.3% 632,733 $47 2.7%
Total Soft Costs $3,613,147 $268 15.2%
Interest Carry 4.5% $411,351 $30 1.7%
Total Carry Interest $411,351 $30 1.7%
Spent-to-Date (As of July '24) (1) $7,156,743 $530 30.1% Total Historical Costs $7,156,743 $530 30.1%
Total Project Costs $23,811,711 $1,764 100.0%
Amount $/SF GLA
Base Rental Revenue
Scheduled Base Rental Revenue $1,182,290 $87.58
Reimbursements 98.7% 400,935 $29.70
Potential Gross Revenue $1,583,225 $117.28
PGR Deductions
General Vacancy 5.00% ($79,161) ($5.86)
Collection Loss 0.50% (7,916) ($0.59)
Effective Gross Revenue $1,496,147 $110.83
Operating Expenses
CAM $154,894 $11.47
Insurance 22,128 $1.64
Real Estate Taxes 171,916 $12.73
Management Fee 51,997 $3.85
Other Expenses 0 $0.00
Non-Recoverable 5,464 $0.40
Total Operating Expenses $406,398 $30.10
Net Operating Income $1,089,749 $80.72
TIs and LCs $0 $0.00
Capital Reserves $1,013 $0.08
Net Cash Flow $1,088,737 $80.65
NOI Summary - Stabilized Year 2027
Yield Analysis
(1) A portion of such costs were incurred in connection with a prior iteration of the Project and, because the Project has since been modified, a portion of such costs may be considered “sunk costs” and not directly applicable to the current development plan for the Project.
Culver Public Market NOI $1,089,749
Culver City, CA Yield 4.58%
Rent Roll
Dates GLA Base Rent Rent Bumps Reimbursements Leasing Commissions Tenant Name Product Type Status Term Sign Date RCD Sq.ft % of GLA $/SF Total Rent Step Frequency $/SF Total Reimb. TI $/SF Total $/SF Total Suite A100 Small Shop Available 10 Years 6/1/2025 6/1/2026 4,500 33.3% $75.00 $337,500 3.0% 12 Months $29.70 $133,645 $150.00 $675,000 $37.74 $169,827 Suite A110 Small Shop LOI Negotiations 10 Years 6/1/2025 6/1/2026 1,250 9.3% $81.60 $102,000 3.0% 12 Months $29.70 $37,124 $90.00 $112,500 $41.06 $51,325 Suite A120 Small Shop Available 10 Years 6/1/2025 6/1/2026 1,000 7.4% $95.00 $95,000 3.0% 12 Months $29.70 $29,699 $100.00 $100,000 $47.80 $47,803 Suite A130 Small Shop Available 10 Years 6/1/2025 6/1/2026 1,000 7.4% $100.00 $100,000 3.0% 12 Months $29.70 $29,699 $100.00 $100,000 $50.32 $50,319 Suite A140 Small Shop Available 10 Years 6/1/2025 6/1/2026 650 4.8% $95.00 $61,750 3.0% 12 Months $29.70 $19,304 $100.00 $65,000 $47.80 $31,072 Suite A150 Small Shop LOI Negotiations 10 Years 6/1/2025 6/1/2026 1,600 11.9% $100.00 $160,000 3.0% 12 Months $29.70 $47,518 $65.63 $105,000 $50.32 $80,510 Suite B110 Small Shop LOI Negotiations 10 Years 6/1/2025 6/1/2026 2,000 14.8% $95.52 $191,040 3.0% 12 Months $29.70 $59,398 $75.00 $150,000 $48.06 $96,130 Suite B100 Small Shop LOI Negotiations 10 Years 6/1/2025 6/1/2026 1,500 11.1% $90.00 $135,000 3.0% 12 Months $29.70 $44,548 $100.00 $150,000 $45.29 $67,931 Total 13,500 100.0% $87.58 $1,182,290 $29.70 $400,935 $107.96 $1,457,500 $44.07 $594,917 Culver City Market Hall NOI $1,089,749
Culver City, CA Yield 4.58%
Constructions Costs
LAND COSTS
LAND ANALYSIS - ECONOMIC BASIS
PARCEL ACREAGE $/SF Land Total
Gross Land Value / Purchase Price 1.17 $25.09 $1,278,950 Title Insurance / Escrow Fees 1.17 $0.09 $4,584
Other Closing Costs 1.17 $0.04 $1,850
Gross Land Cost 1.17 $25.22 $1,285,384
SITE COSTS
ON-SITE & OFF-SITE COSTS
SITE ITEM $/Acre $/SF LAND TOTAL $
Site A - Onsites $1,512,262 $34.72 $1,769,347
Site B - Onsites $251,308 $5.77 $294,030
Total On-Site Cost $1,763,570 $40.49 $2,063,377
Off-Site Costs $1,106,355 $25.40 $1,294,435
Art Wall $81,197 $1.86 $95,000
Traffic Calming Improvement $64,103 $1.47 $75,000
Culver Script Signage $85,470 $1.96 $100,000
Culver Sign Restoration $17,094 $0.39 $20,000
FF&E $170,940 $3.92 $200,000
Lighting Package $235,043 $5.40 $275,000
Clever Devices $42,735 $0.98 $50,000
LADWP $85,470 $1.96 $100,000
Total Off-Site Cost $1,888,406 $43.35 $2,209,435
Less Contributions From:
Sitework Reimbursement - Parking Garage ($5,743,590) ($131.85) ($6,720,000) Total Sitework Reimbursements -$5,743,590 ($131.85) ($6,720,000) Site Cost before General Conditions -$2,091,614 ($48.02) ($2,447,188) Net Site Cost to Owner $83.84 ($2,447,188)
BUILDING COSTS
BUILDING COSTS
TENANT SIZE SF $/SF GLA SHELL TOTAL
Building Costs >>>> Buildable SF 13,500 $851.85 $11,500,000
DEVELOPMENT FEE & CONTINGENCY
Fee $/SF GLA Total
Development Fee - Regency $46.87 $632,733
Total Dev Fee $46.87 $632,733
Hard Cost Contingency $61.84 $834,773 7.50%
Soft Cost Contingency $16.06 $216,863 10.00%
Total Contingency $77.90 $1,051,637
Total Dev Fee & Contingency $124.77 $1,684,370
SOFT COSTS
Culver City Market Hall NOI $1,089,749
Culver City, CA Yield 4.58%
Constructions Costs
LEGAL $/SF GLA Total
Legal - Leases $1.85 $25,000
Legal $1.85 $25,000
INSPECTION & TESTING $/SF GLA Total
Inspection & Testing $9.63 $130,000
Inspection & Testing $9.63 $130,000
ARCHITECT & ENGINEERING $/SF GLA Total
Architect Fees $19.53 $263,691
Landscape Architect $11.11 $150,000
Civil Engineering $14.04 $189,522
Civil Engineering - MEP $4.03 $54,375
Civil Engineering - Garage Design $19.41 $262,000
Architecture & Engineering $68.12 $919,588
CONSULTING $/SF GLA Total
Misc. Consulting $1.48 $20,000
Consulting $1.48 $20,000
PERMITS/IMPACT/FEES $/SF GLA Total
Permit Fees $61.72 $833,209
Permits/Impact/Fees $61.72 $833,209
MISCELLANEOUS $/SF GLA Total
Site Bonding $5.56 $75,000
Advertising & Marketing $1.11 $15,000
Admin./ Misc $2.59 $35,000
Art Fee $0.70 $9,500
Real Estate Taxes (Construction Period) $7.88 $106,336
Miscellaneous $17.84 $240,836
Total Soft Costs $160.64 $2,168,633
SPENT COSTS
Spent Costs $/SF GLA Total
Previously Spent Costs (as of July '24) $530.13 $7,156,743 Spent Costs $530.13 $7,156,743