Culver City's 344-Unit ElevenOneEleven Project Secures $132.7 Million: Why It Matters is a notable development for Culver City. This article examines what is confirmed, what remains uncertain, and how the news may matter to residents and property owners.
The project at 11111 Jefferson Boulevard
ElevenOneEleven is a proposed six-story mixed-use development near Jefferson and Sepulveda boulevards in Culver City. The current plans include 344 rental apartments, 52 of them income-restricted, plus approximately 2,000 square feet of retail and 17,520 square feet of publicly accessible outdoor space.
The financing milestone
Lincoln Property Company and McCourt Partners secured $132.7 million in construction financing from Bank OZK. This is an important step toward construction because large projects require capital well before they produce rental income. The loan amount should not be confused with the total development budget.
Why financing matters
A project can have approved plans and still struggle to begin construction if the financing does not work. Lenders consider the budget, collateral, market and borrower. A loan closing advances the project, but construction delays, cost overruns and leasing risk can remain.
How the plan changed
Earlier versions of the development included fewer apartments and more commercial space. The current plan places greater emphasis on housing, with 344 units. This illustrates how developers may change a project when market conditions and financial assumptions evolve. It does not reveal the complete reasoning behind the redesign.
The affordable units
The project includes 52 income-restricted homes, about 15 percent of the total planned apartments. The exact affordability terms and duration should be confirmed in final agreements. Market-rate and income-restricted units serve different groups, so the total housing count should not be presented as the affordable housing count.
Retail and public outdoor space
The planned retail component is modest compared with the residential program. Publicly accessible outdoor space could improve the pedestrian experience, depending on final design, access and maintenance. A rendering is an illustration of intent, not evidence that all amenities have already been constructed.
Possible effects on rents
Additional apartments expand rental supply, but one development does not determine rents across Culver City. The closest competition may be properties serving similar renters at similar price points. Actual vacancy, signed leases and concessions when the project opens will be more informative than predictions today.
What landlords should monitor
Owners of existing apartment buildings should track the construction timeline, unit mix and eventual leasing prices. New buildings may compete on modern amenities, while older properties may offer different value. Renovation decisions should be based on realistic income gains and costs, not simply the presence of a new development.
What homebuyers should know
Construction can temporarily change noise and traffic near the site. A completed building may add residents, services and activity. The effect on a nearby home depends on its exact location and characteristics. A financing announcement alone does not guarantee appreciation or depreciation for surrounding properties.
Lessons for smaller investors
A duplex buyer and a large developer face different scales but similar questions: acquisition price, borrowing costs, renovation expenses, vacancies, holding costs and projected income. A deal must work financially, not just look appealing on a map. Conservative assumptions provide room for unexpected expenses.
Expected construction timing
The development team has indicated a fourth-quarter 2026 target for beginning construction. That is a forecast rather than a guarantee. Permitting, contractors and other practical conditions can change the schedule. Site work and subsequent leasing announcements will offer clearer evidence of progress.
Paul’s perspective
The combination of a housing-focused redesign and a substantial loan makes this a meaningful development story. Still, investors should not predict rents from a press release. I would consider the future supply alongside current comparable properties, operating expenses and financing when evaluating a Culver City investment.
Talk with Paul Adams II
If you are buying, selling or evaluating a Los Angeles property, I can help you review comparable sales, current market conditions and the questions worth investigating before making a decision.