Urban Offerings and Meridian Group are moving forward with plans to build a four-story, mixed-use Baldwin Hills development, at 5950 Jefferson Boulevard. The City of Los Angeles last week granted the necessary permits for the project to begin construction and a source with first-hand knowledge of the timeline told What Now Los Angeles Wednesday ground is slated to break Monday, July 27.
Construction will take 17 months putting 5950 Jefferson on track to open in December 2021, they said. Developers were originally aiming for a June 2021 completion but permitting delays out of the City due to the ongoing novel coronavirus pandemic pushed the project’s timeline.
Once complete, 5950 Jefferson will boast 75,000 square feet of offices, 175 parking spaces across a two-level subterranean garage, and ground-level retail totaling 5,581 square feet.
Financing in the amount of $59.3 million was secured for the development in March in the way of a construction loan.
“Urban Offerings is an experienced sponsor with a strong track record of developing well-designed urban infill properties, including three properties immediately adjacent to the site,” Shlomi Ronen of Dekel Capital, the firm that arranged the financing, said earlier this year. “We saw tremendous interest from the capital markets given the strength of the Culver City office market, and, equally important, the experience and successful performance history of Urban Offerings.”
