A long-dormant development site on Jefferson Boulevard in Culver City finally has the money it needs to get moving. Lincoln Property Company and McCourt Partners have secured $132.7 million in construction financing from Bank OZK to build ElevenOneEleven, a six-story mixed-use project planned with 344 apartments, including 52 set aside as affordable units.
The financing was reported at $132.7 million by Commercial Observer, while The Real Deal reported the deal as landing about $133 million — both pointing to the same Bank OZK construction loan for the 3.4-acre site at 11111 Jefferson Boulevard. Berkadia's Louis Friedel and Keith Rosso arranged the financing, according to Commercial Observer's reporting. The lender itself has been active across the sector, having originated $38.75 billion in new commercial real estate loans over the five years ending June 30, 2026, per the same outlet.
Beyond the apartments, ElevenOneEleven is designed with 2,000 square feet of retail, 17,520 square feet of publicly accessible outdoor space, two floors of residential amenities and 500 parking spaces, Commercial Observer reports. KFA Architecture is designing the project. The station's report notes construction is expected to begin before the end of 2026, though earlier project materials reviewed by Urbanize LA had anticipated a start as early as July 2026 and completion by July 2028 — a timeline the two accounts don't fully reconcile.
A Much Bigger Housing Count Than Originally Pitched
The current plan looks nothing like what was first proposed for the site. The project began as a joint venture between 3MR Capital and the John Buck Company around September 2021, according to the Culver City Observer. Work actually broke ground in 2022, but construction halted shortly after crews demolished existing structures on the site, the outlet reported — leaving the parcel empty for years.
When Lincoln Property Company and McCourt Partners took over as the development partnership, they reworked the plan substantially. Housing grew from 230 to 344 apartments, and the number of low-income units jumped from 19 to 52, per the Culver City Observer. At the same time, commercial and office space was slashed from 66,500 square feet down to just 2,000 square feet, and subterranean parking was swapped for a central garage structure instead.
Open Space Grew Too, Per Planning Records
The shift away from offices also came with more public-facing outdoor area. Urbanize LA reported that publicly accessible open space in the revised plan grew from 13,800 square feet to 17,520 square feet. Taken together, the changes reflect what the Culver City Observer described simply as a project modified to eliminate office space and add more housing.
That pivot fits into a broader pattern across Culver City right now. The city's development pipeline totaled just over 4,500 units as of June 2026, a volume Commercial Observer reported could add as much as 20 percent to the city's population. Lincoln Property Company isn't just working this one site, either — the company has two other Culver City projects underway at 11111 Lincoln Avenue and 1238 Lincoln Avenue expected to add hundreds more units, plus a similar mixed-use proposal with 309 apartments at 5700 Hannum Avenue in nearby Fox Hills, according to Urbanize LA.
Other Big Housing Bets Nearby
ElevenOneEleven isn't the only major conversion reshaping the area. Hudson Pacific Properties is turning the former NFL Network office campus in Culver City into a mixed-use project with 508 apartments and retail space, Commercial Observer reported in June. It's a similar bet to the one Lincoln and McCourt are making on Jefferson Boulevard — trading office square footage for housing in a city trying to add density quickly.
A city notice reviewed for this story shows Culver City was considering a temporary-use permit tied to 11111 Jefferson Boulevard that would allow extended construction hours — 7 a.m. to 8 p.m. on weekdays and 7 a.m. to 7 p.m. on weekends, according to the City of Culver City. The notice describes the extended hours as under consideration rather than finalized, so it remains unclear whether that schedule will ultimately apply once building begins.
