The Culver City Council and Redevelopment Agency has unanimously approved a three-phase, 173-unit townhouse condominium project near Fox Hills.
Dominion Property Co., developer of the 12-acre site at 6071 Slauson Ave., promised that even if construction is delayed, it will pay fees and taxes that are due to the city and redevelopment agency as if the project were on schedule. Dominion also agreed to pay the city $12,600 a year for the next 25 years, the estimated difference between revenues to the city from the project and the costs of services the city would be providing to the project, agency Director Jody Hall-Esser said.
Construction on the site, now housing Volkswagen of America offices, is expected to start in about a year. If building of the final phase has not started within 6 1/2 years after the start of the project, the site plan approved last week would be null and void, according to Hall-Esser. The developer would have to reapply for approval of any unfinished parts.
The two- and three-bedroom condominiums proposed for the site would sell for about $350,000 if they were on the market today, according to Dominion officials.