Prudential is pulling the wool over our eyes when it tells us that Marina Place will generate $2.5 million a year for Culver City.
Gross revenue is a meaningless number because it doesn't take into account what Marina Place will cost Culver City. According to the EIR for the project, the net income to Culver City after the project costs are subtracted will total between $10.6 million and $11.8 million over the next 10 years--an average of no more than $1.1 million a year.
By comparison, a residential development on the site, which would reduce traffic by 92-94%, could generate a net income of $5 million to $7 million over the same 10-year period. With the imposition of a special assessment, Culver City could actually do better financially with a residential development than with a mall, and help reduce the housing shortage on the Westside at the same time.
Culver City's golden egg looks more and more like bronze every day.
DEBRA L. BROWN