CIM Group Plans More Offices in Hollywood
The L.A.-based developer bought Hollywood Cemex plant in 2022
By Greg Cornfield February 6, 2023 12:45 pm
reprints
CIM Group, one of the most active developers in Los Angeles, has added yet another project to its pipeline.
The firm filed plans with the city to redevelop a portion of the Cemex Hollywood Concrete Plant near the intersection of Santa Monica Boulevard and La Brea Avenue, on the border with the city of West Hollywood.
Designed by Retail Design Collaborative, the proposal for the eastern part of the property calls for a seven-story mixed-use building with 78,000 square feet of office and commercial space on the top three floors and ground level, along with two subterranean levels and three above-grade levels for parking. The western half of the property will be a separate project in West Hollywood.
Urbanize first reported on the proposed plan at 1011 North Sycamore Avenue. Records show CIM Group bought the 1.6-acre property for $17.3 million in June 2022.
“La Brea Avenue is a prominent commercial corridor that is a hub for entertainment businesses along with a thriving mix of retail, restaurant and cultural venues,” said CIM co-founder Shaul Kuba in a statement when the firm acquired the property.
CIM Group is particularly active in Hollywood as well as the West Adams neighborhood, where it’s advancing a larger plan to reshape the community, but the firm also has deals around the region. Its growing list of projects in the works includes a five-story building with 114 apartments near Western Avenue and West Jefferson Boulevard; a 146-unit project on Hollywood Boulevard; and a 36-unit project in Echo Park. CIM is also looking for a buyer for The Lot on Formosa, a soundstage and office complex with 540,000 square feet that’s leased to HBO and Showtime.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
